Washington (October 16, 2017): The World Bank has withdrawn its report, in which WB told Pakistan has to pay 31 billion dollars, as external debt payment and accepted Pakistan stance in this connection.
The world bank took the decision in meeting with Pakistan delegation in Washington. Secretary finance, governor state bank and secretary economic affairs were included in the delegation.
Accepting Pakistan stance WB said that Pakistan has to pay 17 billion dollars external debts in next fiscal year 2018.
Earlier, Insisting that its external repayment obligations stand at $18 billion for the current year, Pakistan has asked the World Bank (WB) to rectify its ‘error’ that put external obligations at $31bn.
“The matter has been taken up with the World Bank to rectify the error,” said the finance ministry on Sunday after a meeting presided over by Finance Minister Ishaq Dar.
In a recent report, the World Bank has estimated Pakistan’s current year international repayment obligations at $31bn, raising public concern that the country may not have enough resources to meet these targets.
The finance ministry, however, said the World Bank had erroneously included portfolio investment worth $13.8bn for its estimates that were not part of the repayment obligations. “As per the international reporting standards, portfolio investment is not included while calculating the gross financing needs of a country”, it said.
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