|
Falling deeply into arrears
[Dawn] Technically, Pakistain has not defaulted on its debt because it hasn’t missed — or even delayed — any payment to its creditors. Yet it certainly has fallen into ’arrears’.For example, last week, the global International Air Transport Association complained that Pakistain was second among the top five markets that have restricted or stopped foreign airlines from repatriating their ticket sales revenues of nearly $225 million to their home countries. So, technically, we haven’t defaulted but simply fallen into arrears. This is just one of the many examples of how the country’s central bank is struggling to protect its liquid foreign currency reserves, which were reported to have sunk to the four-year low of $6.7 billion on December 2 following the payment of $1bn Sukuk bonds. Posted by: trailing wife 2022-12-13 |
| http://www.rantburg.com/poparticle.php?ID=652286 |