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Pakistan’s external liabilities stands at $130bn, dollar amounts to 58% of total debt

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Pakistan’s external liabilities stands at 0bn, dollar amounts to 58% of total debt


A foreign currency dealer counts US dollars at a shop in Karachi on May 19, 2022. — AFP/File
  • External financing to rely on multilateral, bilateral sources.
  • $1bn Panda Bond programme established, first issuance in FY26.
  • Preparatory work underway for launch of Sustainable Bonds.

ISLAMABAD: Pakistan’s external debt and liabilities, currently standing at around $130 billion, are heavily concentrated in five major currencies, with the US dollar alone accounting for nearly 58% of the total burden, The News reported on Thursday

“The external debt portfolio is predominantly denominated in a few major currencies. The US dollar leads with a 57.8% share, followed by Special Drawing Rights (SDRs) at 29.88%, Chinese Yuan 5.21%, Japanese Yen 3.95%, and the Euro 2.62%,” reads the government’s latest Debt Management Strategy (DMS) for 2026-2028.

The Finance Ministry’s strategy underscores that external financing will continue to rely mainly on multilateral and bilateral sources offering concessional terms and longer maturities.

However, in an effort to diversify, Pakistan plans to re-enter international capital markets with new instruments, including Panda Bonds, Sustainable Bonds, and Eurobonds — subject to favourable global interest rate conditions and domestic economic stability.

A $1 billion Panda Bond programme has already been established, with the first issuance of $200-250 million scheduled for FY2026, followed by additional tranches in the medium term.

Preparatory work is also underway for the launch of Sustainable Bonds, backed by a newly developed Sustainable Financing Framework, which is currently under cabinet review. This framework will guide the structure, maturity, and repayment terms of all future sustainable bond issuances.

Although access to Eurobond markets has remained constrained since 2022, the strategy outlines a plan for re-entry into international capital markets as conditions improve.

In the meantime, Panda Bonds — Renminbi-denominated securities in the Chinese market — are being developed as an alternative, supporting diversification of funding sources, lowering borrowing costs, reducing refinancing risk and enhancing Pakistan’s financial integration with Chinese markets.

To actively manage foreign exchange risks, the government intends to employ hedging instruments while also developing domestic futures and interest rate swap markets.

Innovative options, including debt-for-nature swaps, are under consideration to help manage external liabilities while aligning with climate goals.

Domestic debt is expected to remain the primary source of government financing during the strategy period. Under the International Monetary Fund (IMF) programme, the ceiling for government guarantees is set at Rs5,600 billion as of end-June 2025.

By March 2025, guarantees worth Rs405 billion —equivalent to 0.35% of GDP — had been issued, raising the total outstanding stock to Rs4,548 billion.

These include guarantees extended to state-owned enterprises such as TCP and PASSCO for commodity-related financing.





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Why did famous director decline to make ‘Terminator 3’?

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Why did famous director decline to make ‘Terminator 3’?


Ridley Scott claims to refuse big ‘Terminator 3’ offer

Jonathan Mostow served as the director of Terminator 3: Rise of the Machines, but before him, Ridley Scott was supposedly offered to helm.

According to the director’s claim, the studio put a hefty $20 million on the table for him to direct it, which was equivalent to Arnold Schwarzenger’s fees at the time, who was one of the highest-paid actors.

However, the Alien filmmaker, in a recent interview with The Guardian, stated that he declined the offer. 

“I can’t be bought,” he said, admitting to being surprised the studio offered him the fee, which he asked was what the franchise’s lead star was getting. “I thought: ‘**** me.’ But I couldn’t do it. It’s not my thing.”

Ridley Scott
Ridley Scott

However, passing down on the offer also had to do with his filming style, which he described by giving an example of a James Bond movie. 

“The essence of a Bond movie is fun and camp. Terminator is pure comic strip,” he said. “I would try to make it real,” he shared.

“That’s why they’ve never asked me to do a Bond movie, because I would **** it up,” the director said.

Ridley, at the end, confirmed that he is working on a third film in the Gladiator series.





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Sabrina Carpenter hoping to make her dream come true: Source

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Sabrina Carpenter hoping to make her dream come true: Source


Photo: Sabrina Carpenter eagerly waiting for her big screen moment: Source

Sabrina Carpenter reportedly is eyeing a role in the next Mamma Mia movie.

According to Star Magazine, the 26-year-old pop sensation, secretly has been hoping to join the hit ABBA-inspired franchise. 

“Sabrina’s been obsessed with ABBA since she was a little girl,” tipped a source. 

They went on to address, “So it’s no exaggeration to say this would be a dream come true for her.” 

For those unversed, The Espresso hitmaker has already brought her ABBA love to the stage, performing classics such as Dancing Queen during her set while opening for Taylor Swift on the Eras Tour.

However, the insider noted that while Carpenter “really wants” the part, she’s managing her expectations. 

“She’s trying not to get ahead of herself. She’s trusting that if it’s meant for her, it will happen.”

Whether or not she lands Mamma Mia, Hollywood seems ready to give Carpenter her big-screen moment. 

“She’s definitely going to be on the big screen soon because Hollywood is very interested,” the source added. 

“She’s already proven she can act, but she’s not resting on her laurels; she’s been studying with a great coach.”

Producer Judy Craymer even weighed in on the idea, telling Deadline in May that Carpenter “would be a goddess or some relation who would look very much like Meryl Streep” if she were to join the beloved franchise.





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Matthew Rhys opens up about his struggle for ‘The Beast in Me’

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Matthew Rhys opens up about his struggle for ‘The Beast in Me’


Matthew Rhys shares how he fought to be cast in ‘The Beast in Me’

Matthew Rhys recently revealed he had to convince The Beast in Me team that he could pull off being creepy.

In a talk with Entertainment Weekly, the 50-year-old Welsh actor admitted when he read the script of Netflix’s show, The Beast in Me, he thought the role of Nile Jarvis, a real estate tycoon suspected of killing his wife, was out of his reach.

Sharing his thoughts, Rhys said, “I read it and I was like, ‘I won’t get this. People don’t come to me for this.’ I have these Celtic eyes. I do downtrodden well, I don’t do megalomaniac or sociopath.”

Moreover, the show’s creator, Howard Gordon, went on to offer his thoughts on The Edge of Love star’s audition, noting he could not get a chance to depict a role of sociopath or megalomaniac before.

“He brought something else to it. He’s so charming and funny and charismatic. But he is scary,” Gordon confessed.

“I had to persuade them that I can be creepy,” Rhys quipped and added with a joke that he ‘parked outside’ cast member Claire Danes’ residence to prove his point, saying, “That seemed to do it.”

For the unversed, in The Beast in Me, Danes plays Aggie Wiggs, an author who cannot write after her young son’s death. When Nile moves in next door and wants a running path, Wiggs argues with him, until she thinks he might be the “perfect subject” for her next book.

It is pertinent to mention that The Beast in Me is slated to be released on November 13, 2025.





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