FOREIGN DEBT

S.M. ABBAS ZAIDI, S.KAMAL HAYDER KAZMI,
Research Analyst
, PAGE
Sep 13 - 26, 2010

IMF: FINANCIAL POSITION OF PAKISTAN IN THE FUND
(as of July 31, 2010 )

I. Membership Status: Joined: July 11, 1950; Article VIII . .
II. General Resources Account: SDR Million %Quota . .
Quota 1,033.70 100 . .
Fund holdings of currency 5,969.62 577.5 . .
Reserve Tranche Position 0.12 0.01 . .
Lending to the Fund
Notes Issuance
Holdings Exchange Rate
III. SDR Department: SDR Million %Allocation . .
Net cumulative allocation 988.56 100 . .
Holdings 854.07 86.4 . .
 IV. Outstanding Purchases and Loans: SDR Million %Quota . .
Stand-by Arrangements 4,936.04 477.51 . .
ECF Arrangements 499.62 48.33 . .
V. Latest Financial Arrangements:
TYPE DATE OF
ARRANGEMENT
EXPIRATION
DATE
AMOUNT APPROVED
(SDR MN)
AMOUNT DRAWN
(SDR MN)
Stand-By Nov 24, 2008 Dec 30, 2010 7,235.90 4,936.04
ECF 1/ Dec 06, 2001 Dec 05, 2004 1,033.70 861.42
Stand-By Nov 29, 2000 Sep 30, 2001 465.00 465
1/ Formerly PRGF.
VI. Projected Payments to Fund  2/(SDR Million; based on existing use of resources and present holdings of SDRs):
.

FORTHCOMING

. 2010 2011 2012 2013 2014
Principal 60.3 172.28 1,418.11 2,362.48 1,230.80
Charges/Interest 49.73 102.29 92.8 45.57 13.11
Total 110.03 274.58 1,510.91 2,408.05 1,243.92

INTEREST RATES (%)

MONTHS RATE
18-Nov-02 7.5
11-Apr-05 9
29-Jul-06 9.5
1-Aug-07 10
31-Jan-08 10.5
23-May-08 12
30-Jul-08 13
13-Nov-08 15
15-Aug-09 13
25-Nov-09 12.5
Aug-10 13.00

US DOLLAR RATES  PER PAK RUPEE

YEARS LEADARS US $
1972 Z.A. Bhutto Rs 4.7
1977 Z.A. Bhutto Rs 9.9
1983 Gen Ziaulhaq Rs 13.1
1987 Gen Ziaulhaq Rs 17.7
1990 Benazir Bhutto Rs 24
1991 Nawaz Sharif Rs 25
1994 Benazir Bhutto Rs 30.6
1996 Benazir Bhutto Rs 40.3
1997-99 Nawaz Sharif Rs 53
1999-08 Pervaiz Musharraf Rs 62
2010 Yousaf Raza Gilani Rs 85.80

PAKISTAN: FOREIGN DEBT

YEAR US BILLION $
2005 31.1
2006 32.8
2007 35.3
2008 40.2
2009 42.2
2010 53.1

PAKISTAN: TOTAL DEBT AND LIABILITIES (RS.BILLION)

DEBT FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09
Total debt & liabilities (TDL) 3,856.1 3,863.8 3,998.4 4,263.7 4,549.2 5,036.5 6,418.1 8,151.4
Growth rate -4.2 0.2 3.5 6.6 6.7 10.7 27.4 27.0
Total debt (TD) 3,723.5 3,781.4 3,917.0 4,181.6 4,468.6 4,956.9 6,302.3 7,982.6
Growth rate -1.8 1.6 3.6 6.8 6.9 10.9 27.1 26.7
Domestic debt 1,717.9 1,853.7 1,979.5 2,149.9 2,321.7 2,600.6 3,266.1 3,852.6
Growth rate -0.8 7.9 6.8 8.6 8.0 12.0 25.6 18.0
Share in TD 46.1 49.0 50.5 51.4 52.0 52.5 51.8 48.3
External debt 2,005.6 1,927.7 1,937.5 2,031.7 2,146.9 2,356.3 3,036.2 4,131.3
Growth rate -2.7 -3.9 0.5 4.9 5.7 9.8 28.9 36.1
Share in TD 53.9 51.0 49.5 48.6 48.0 47.5 48.2 51.8
Explicit liabilities * 132.6 82.4 81.4 82.1 80.6 79.6 115.8 168.8
Growth rate -43.2 -37.8 -1.3 0.9 -1.8 -1.3 45.5 45.8
Total debt servicing 592.4 440.4 492.1 358.9 424.7 538.5 679.9 938.2
Total interest payment 276.8 243.2 241.8 236.3 293.9 425.5 548.4 662.1
Domestic 212.5 189.0 185.3 181.9 237.1 358.6 473.0 570.2
Foreign 51.3 48.1 51.2 49.1 50.5 61.1 70.7 87.4
Explicit liabilities 12.9 6.1 5.3 5.2 6.4 5.8 4.7 4.5
Repayment of principal (foreign) 315.7 197.2 250.3 122.6 130.7 112.9 131.5 276.2
Debt as percent of GDP -6.4 -6.1 -8.1 -5.1 -5.7 -1.8 3.3 0.8
Total debt 83.6 77.6 69.4 64.3 58.6 57.2 61.3 61.0
Domestic debt 38.6 38.0 35.1 33.1 30.5 30.0 31.8 29.4
External debt 45.0 39.5 34.3 31.3 28.2 27.2 29.5 31.5
Explicit liabilities 3.0 1.7 1.4 1.3 1.1 0.9 1.1 1.3
Debt servicing as percent of Tax revenue 123.9 79.2 79.6 56.7 56.4 60.5 64.7 68.4
Total revenue 94.9 61.1 61.1 39.9 39.4 41.5 45.3 49.1
Total expenditure 71.7 49.0 52.3 32.1 30.3 32.1 29.9 38.6
Current expenditure 84.6 55.6 64.5 38.1 37.9 39.2 36.6 45.4

PAKISTAN: FOREIGN INVESTMENT INFLOWS ($ Million)

YEAR

GREENFIELD INVESTMENT

PRIVATIZATION PROCEEDS

TOTAL FDI

PRIVATE PORTFOLIO INVESTMENT

2001-02 357 128 485 -10
2002-03 622 176 798 22
2003-04 750 199 949 -28
2004-05 1,161 363 1,524.00 153
2005-06 1,981 1,540 3,521.00 351
2006-07 4,873.20 266 5,139.60 1,820
2007-08 5,019.60 133.2 5,152.80 19.3
2008-09 3,719.90 - 3,179.90 -510.3
2009-10 2,205.70 - 2,205.70 587.9
2010-11 (July) 98.5 - 98.5 -
Total 20787.9 2805.2 23053.5 2404.9