Entertainment
Pakistan’s external liabilities stands at $130bn, dollar amounts to 58% of total debt
- 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.
Jessie J left her fans disappointed on Thursday as she postponed two legs of her upcoming tour while canceling another portion amid her ongoing battle with cancer.
In a statement to People magazine on August 28, the 37-year-old singer announced that she has had to cancel her US tour dates and postpone her UK concerts to focus on her health.
“Unfortunately I have to have a second surgery — nothing too serious but it has to be done by the end of this year,” said Jessie.
“This falls in the middle of the tour I had booked. I’m so sorry, I feel frustrated and sad, but I need to be better, I need to be healed,” she added.
For those unversed, the Bang Bang hitmaker’s UK and European shows were initially scheduled for October 2025. Now, the shows have been moved to April 2026.
This cancellation comes three months after Jessie revealed that she had breast cancer.
The Nobody’s Perfect songstress later took to her Instagram account to further discuss her decision to cancel her upcoming shows.
“As some of you may know I just had breast cancer surgery eight weeks ago, that’s the first thing,” she said in a clip. “The second thing is unfortunately I have to have a second surgery.”
“Nothing too serious but it has to be done by the end of the year and unfortunately that falls right in the middle of a tour I had booked,” Jessie assured.
“I’m so sorry, I feel frustrated and sad. But also it is what it is. I need to be better, I need to be healed and this is the right decision to make so I am postponing the tour until next year,” added the singer.
Alphabet-owned YouTube and Fox said on Thursday they have reached an agreement that will keep Fox News, Fox Sports and other Fox channels available to YouTube TV subscribers.
The companies did not disclose the financial terms of the agreement.
Earlier this week YouTube had been in negotiations with Fox, with the media company asking for payments above those received by partners providing comparable content.
On Wednesday, YouTube said it reached a short-term agreement with Fox that would buy time for the parties to reach a new distribution deal.
In February, YouTube TV reached a deal with media giant Paramount Global to keep channels like CBS, Comedy Central and Nickelodeon available, after failed negotiations for a new contract had briefly left the future of the streaming partnership in limbo.
The carriage dispute caught the attention of Federal Communications Commission Chairman Brendan Carr, who said that the company removing Fox channels from YouTube TV would be “a terrible outcome”.
“Millions of Americans are relying on YouTube to resolve this dispute so they can keep watching the news and sports they want — including this week’s Big Game: Texas @ Ohio State,” Carr wrote on Tuesday on the social media platform X. “Get a deal done Google!”
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.”
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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