FOREIGN DEBT

S.KAMAL HAYDER KAZMI,
(feedback@pgeconomist.com)
Research Analyst
, PAGE
Mar 14 - 20, 2011

PAKISTANíS DEBT AND LIABILITIES (BILLION RUPEES) PROVISIONAL

ITEM FY09 FY10 9-SEP 10-SEP
I. Government Domestic Debt 3,860.70 4,652.70 4,018.20 4,958.80
II. Government External Debt 3,452.10 3,667.20 3,656.50 3,864.40
III. Debt from IMF 419 690.3 535.8 768.6
IV. External Liabilities 103.7 95.9 101.6 94.9
V. Private Sector External Debt 197.6 217.8 213.2 231.2
VI. PSEs External Debt 87 83 85.5 80.9
VII. PSEs Domestic Debt 290 375 354.4 359.1
VIII. Commodity Operations Debt 336.2 414.6 334.9 387.1
A. Total Debt and Liabilities (sum I to VIII) 8,746.20 10,196.40 9,300.20 10,745.10
B. Total Public Debt (sum I to IV) 7,835.50 9,106.10 8,312.20 9,686.70
C. Total External Debt & Liabilities (sum II to VI) 4,259.40 4,754.20 4,592.70 5,040.10
C. Commodity Operation and PSEs Debt (sum VI to VIII) 713.2 872.6 774.8 827.2
of which: Guaranteed Debt & liabilities 349 428 346.2 400.2
Non-guaranteed Debt & liabilities 365 444 428.6 427
AS PERCENT OF GDP
Total Debt and Liabilities 68.7 69.5 63.4 73.3
Total Public Debt 61.5 62.1 56.7 66
Total External Debt & Liabilities 33.4 32.4 31.3 34.4
PSEs Debt & Liabilities 5.6 5.9 5.3 5.6
of which: Guaranteed Debt & liabilities 2.7 2.9 2.4 2.7
Non-guaranteed Debt & liabilities 2.9 3 2.9 2.9
Government Domestic Debt 30.3 31.7 27.4 33.8

PUBLIC DEBT SERVICING DURING 2009-10
ITEMS BUDGETED
(BN. RS.)
ACTUAL
(BN. RS.)
% OF GOVT REVENUES % OF CURRENT
EXPENDITURE
Servicing of foreign Debt 70.3 64.0 3.1 2.7
Repayment of Foreign Loans 132.4 196.8 9.5 8.2
Servicing of Domestic Debt 576.8 578.3 27.8 24.2
Servicing of Public Debt 779.6 839.1 40.4 35.2

INVESTMENT IN PAKISTAN ($Million)

COUNTRY

2010-2011 (July-Jan)

DIRECT

PORTFOLIO

TOTAL

PRIVATE

PUBLIC

USA 142.9 220.1 - 363
UK 127.6 36 - 163.6
UAE 158.3 -0.6 - 157.7
Singapore 55.2 0.1 - 55.3
Hong Kong 91.8 10 - 101.8
Germany 9.1 -1.6 - 7.5
France 2.9 - - 2.9
Australia 9 -2.3 - 6.7
Japan 1.1 - - 1.1
Saudi Arabia 5.9 0.1 - 6
Other  168.7 -13.9 - 154.8
Debt Securities - - -69.4 -

PAKISTAN'S EXTERNAL DEBT AND LIABILITIES (Million US$)

ITEM 30/09/09 31/12/09 31/03/10 30/06/10 30/09/10 30/12/10
1) Public debt (a+b+c) 51,625 52,048 50,638 52,107 54,794 54,637
a) Government Debt 43,961 43,332 42,210 42,908 44,786 44,801
i). Medium and long term(>1 year)  43,372 43,010 41,610 42,115 43,906 43,938
Paris club 14,663 14,330 14,017 13,958 14,843 14,942
Multilateral 24,040 23,711 23,161 23,694 24,694 24,613
Other bilateral 1,454 1,717 1,820 1,782 1,780 1,803
Euro/Sukuk global bonds  2,150 2,150 1,550 1,550 1,550 1,550
Military debt 199 199 157 167 167 167
Commercial loans/credits 166 - - - - -
Local currency bonds (TBs & PIBs) - 3 4 64 72 63
Saudi fund for development. (SFD) - 200 200 200 200 200
SAFE China deposits 500 500 500 500 500 500
NBP/BOC deposits 200 200 200 200 100 100
ii). Short term (<1 year) 589 322 600 793 880 863
IDB 589 322 600 793 880 863
b. From IMF 6,442 7,494 7,206 8,077 8,908 8,736
i) Federal government 745 1,117 1,083 1,055 1,572 1,922
ii) Central bank 5,698 6,377 6,123 7,022 7,336 6,814
c. Foreign exchange liabilities 1,222 1,222 1,222 1,122 1,100 1,100
i) Central bank deposits  1,200 1,200 1,200 1,100 1,100 1,100
ii) Foreign currency bonds (NHA / NC) 22 22 22 22 - -
2. PSE guaranteed debt 136 166 169 159 151 66
Paris club - - - - - -
Multilateral 94 81 59 56 48 45
Other bilateral 42 35 35 28 28 21
Commercial loans - 50 75 75 75 -
Sandak metal bonds - - - - - -
3. PSE non-guaranteed debt 1,122 1,082 1,084 1,087 1,073 1,044
Medium and long term(>1 year) 1,019 982 946 957 966 956
Short term (<1 year)  103 100 137 130 107 89
4.Scheduled banks' borrowing 226 196 262 193 246 228
Medium and long term(>1 year) 119 126 120 118 112 112
Short term (<1 year) 106 70 142 75 134 116
5. Private guaranteed debt - - - - - -
6. Private non-guaranteed debt (M & LT:>1 yr) 2,200 2,263 2,189 2,231 2,310 2,294
7. Private non-guaranteed bonds 137 137 137 124 124 124
Total external debt (1+2+3+4+5+6+7) 55,445 55,892 54,478 55,901 58,698 58,393
Official liquid reserves 11,761 12,055 11,188 13,112 13,386 14,126