Five Countries Owe Pakistan Over $300 Million

Five countries are defaulters of millions of dollars owed to Pakistan, according to an audit report The report says that the Government of Pakistan has failed to recover $304.5 million from Sri Lanka, Bangladesh, Iraq, Sudan, and Guinea-Bissau. Pakistan had extended export credit to these countries during the 1980s and 1990s. In Pakistani currency, the outstanding debt amounts to over Rs. 86 billion. Iraq owes the largest amount of $231.3 million; Pakistan also has to recover $46.6 million from Sudan. Bangladesh owes $21.4 million for sugar plant and cement-related projects, while Guinea-Bissau owes $3.653 million, according to the documents. The Auditor General had also flagged these recoveries in 2006–07. The Ministry of Economic Affairs is making recovery efforts through the Foreign Office, officials say. Attempts have also been made through diplomatic channels and joint ministerial committees. Reminder letters and demand notices have also been sent to these five countries. The Auditor General has recommended raising the matter at the appropriate level to ensure recovery.