Pakistan faces heavy oil import bill, $1bn Eurobond repayment post-Eid: report

Pakistan exports have slowed down somewhat in the past two weeks ahead a heavy oil import payment and over $1 billion Eurobond repayment after the upcoming Eid-ul-Fitr next week, according to Tresmark - a financial information terminal and treasury management platform. The platform that serves banks, financial institutions, and importers and exporters in the country added in its weekly commentary and outlook on domestic currency and the economy that Pakistan would smoothly make the two internaitonal payments on time without impacting rupee-dollar parity in the inter-bank market, with Eid related foreign currency inflows including workers’ remittances remain healthy. Pakistan, running under $7 billion International Monetary Fund (IMF) programme, would continue its strategy of keeping imports within the available resources that are being generated through export proceeds and inflows of workers’ remittances, as “Pakistan is unlikely to burn through reserves to defend the rupee”, according to the report.