Pakistan to Repay $1.4 Billion Eurobond This Week, Forex Reserves Stable: Finance Minister
Islamabad: Finance Minister Muhammad Aurangzeb has stated that Pakistan is set to repay $1.4 billion in Eurobond obligations this week, along with other external payments, while assuring that the country’s foreign exchange reserves remain stable.
Speaking in the National Assembly of Pakistan, the minister emphasized the need to focus on facts, noting that some claims made in the house were baseless. He highlighted that when global oil prices were rising, the government provided subsidies totaling Rs129 billion to ease the burden on the public.
Aurangzeb said that the government is now implementing targeted subsidies, with provinces already having electronic data systems to identify beneficiaries. He added that the subsidy program has moved beyond announcements, with the first tranche already being disbursed.
The finance minister also revealed that a third-party audit is being conducted under the national savings program, while Rs100 billion has been cut from the Public Sector Development Programme (PSDP) as part of austerity measures. He reiterated that these اقدامات have not impacted the country’s foreign exchange reserves so far.
Commenting on the global situation, Aurangzeb said the government is closely monitoring developments, noting that fuel shortages and rising prices are being witnessed in several countries. He cited increases of up to 30% in petrol and 70% in diesel prices in the UAE.
He further stated that the government is keeping a close watch on rising oil and gas bills and is applying lessons learned during the COVID-19 pandemic to manage the current energy crisis.
Aurangzeb added that 26 institutions have been handed over to the Privatization Commission, while some entities are not suitable for privatization under conventional models. He also pointed to irregularities in subsidy distribution in certain organizations, including utility stores.
The minister concluded by saying that the Prime Minister has formed a task force to transition towards clean energy over the next 8 to 10 years, emphasizing a shift toward sustainable and green energy solutions.
