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| India-Pakistan |
| Falling deeply into arrears |
| 2022-12-13 |
| [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 |
| #1 Sounds like their leadership needed to have a brainstorming session to figure out a way to produce a good or service of some kind, somewhere in some fashion. I have never bought anything with a made in Pakistan sticker on it. Frankly, if I found something with that sticker, it would probably make me nervous. To my knowledge they don’t export anything other than emigrants and chaos. I might be wrong, maybe they are making bikes for Tajikistan or providing online tech support services to Laos. Regardless, lending them cash was a mistake for all concerned. |
| Posted by: Super Hose 2022-12-13 12:17 |