Pakistan Awaits Recovery of $304.5 Million from Five Countries
An official audit report has revealed that Pakistan is still awaiting the recovery of $304.5 million from five countries — Sri Lanka, Bangladesh, Iraq, Sudan, and Guinea-Bissau — for export credit extended decades ago.
According to the report, these loans were issued during the 1980s and 1990s to support various development projects. In local currency, the unpaid amount now exceeds Rs. 86 billion.
Among the defaulters, Iraq tops the list, owing $231.3 million, followed by Sudan with $46.6 million. Bangladesh’s pending dues stand at $21.4 million for sugar plant and cement-related projects, while Guinea-Bissau owes $3.65 million. Sri Lanka also appears on the list with unpaid amounts from earlier agreements.
Officials say the Ministry of Economic Affairs is actively pursuing recovery through the Foreign Office, with efforts also involving diplomatic channels and joint ministerial committees. Reminder letters and demand notices have already been issued.
The Auditor General has recommended raising the issue at higher diplomatic levels to ensure these long-pending payments are finally settled.
