$1.288 billion returned in eight months
Staff Report
ISLAMABAD: Pakistan has repaid $1.288 billion in foreign debts from July 2006 to February 2007, which included $483 million in interest paid back to 35 multilateral and bilateral creditors, according to documents made available by federal government officials to Daily Times.
The total foreign debts due against Pakistan stood at $36.907 billion on December 31, 2006. During these eight months, the World Bank was paid back a total amount of $240.46 million including a $171 million principal amount and a $69.87 million mark-up.
A sum of $187.37 million was returned to the Asian Development Bank that included $144.14 million in original loans and a $43.22 million mark-up. The European Investment Bank was paid back $2.88 million – $0.90 million principal amount and $1.99 million interest.
Pakistan also returned $139.55 million to private bondholders of which $24.92 million was the principal amount and $114.63 million was the mark-up. Commercial banks were paid back $29.26 million of which $21 million was the principal amount and $8.26 million the interest. The government retired $120.02 million of International Development Assistance including a $82.98 million principal and a $37.05 million mark-up.
The Islamic Development Bank received $189 million – a $175.19 million principal amount and $14.53 million mark-up. China was paid back $64.46 million – a $52.16 million principal amount and $12.30 million interest.
France and Germany were also paid back some debt owed, with France receiving $58.33 million, of which $14.60 million was the principal amount and $43.74 million the mark-up, while Germany was paid $23.43 million – a $7.82 million principal amount and $15.61 million interest.
Japan was paid back $77.90 million – a $30.13 million principal amount and $47.77 million mark-up, South Korea got $47.67 million – a $28.18 million principal amount and $19.49 million interest and the United States was paid back $53.19 million – a $20.38 million principal amount and $32.81 million mark-up.
In certain cases the interest on debts were more than double those of the principal amount paid back during the eight months as Austria was paid $2.46 million of which the principal amount was $530,000 and the mark-up was $1.93 million.
Canada was paid back $3.27 million, comprising $470,000 of the original amount and $2.80 million in interest, Finland received $210,000 with a $300,000 principal amount and $180,000 mark-up and Italy got $540,000– $130,000 loan and $410,000 mark-up.
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