Did you know five countries owe Pakistan over $304mln in unrecovered export credit?

Pakistan has been grappling with an increasing debt burden, but did you know five countries in the world owe millions of dollars to Pakistan?

According to an audit report, the list of defaulting nations includes Sri Lanka, Bangladesh, Iraq, Sudan, and Guinea-Bissau, from which Pakistan has been unable to recover $304.5 million.

The report states that Pakistan had extended export credit to these countries during the 1980s and 1990s.

In Pakistani currency, the outstanding amount exceeds Rs 86 billion.

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Among the defaulters, Iraq owes the largest sum of $231.3 million, while Sudan owes $46.6 million. Bangladesh is liable for $21.4 million for sugar plant and cement-related projects, and Guinea-Bissau owes $3.653 million.

The report notes that in the fiscal year 2006-07, the Auditor General had also flagged the need for recovery, with reminder letters and demand notices sent to the five countries.

The Auditor General has recommended that the matter be taken up at the appropriate level to ensure recovery of the outstanding funds.