PR No.244 Islamabad: March 27, 2016

Finance Minister, Senator Mohammad Ishaq Dar here Sunday directed Economic Affairs Division (EAD) to ensure timely payments for retiring the US$ 500 million Euro bond floated in 2006. The bond was issued during the Pervaiz Musharraf/Shaukat Aziz led regime and carried an interest rate of 7. 125%.

The bond it may be added is maturing and due for payment by 31st March 2016.

The Minister has asked the EAD to pass necessary instructions to the State Bank of Pakistan for making the payments on the due date.

The retiring of the Euro bond liability will also result in the reduction in the country’s external debt stock by US $ 500 million.