ABU DHABI: The competition-leading Lahore Qalandars had a 10-run win over Peshawar Zalmi as the second game in the first double-header since the resumption of the Pakistan Super League finished in the early hours of Friday morning.
The Qalandars slipped to 25-4 after 7 1/2 overs before Ben Dunk (48) and Tim David combined in an 81-run partnership to re-set the innings. David, who finished unbeaten on 64 from 36 balls, then shared a late 47-run stand with James Faulkner (22) to lift the Qalandars to 170-8.
Faulkner took two wickets in his first over, the second of the innings, to have Peshawar in early trouble before Rashid Khan took a pair in the 10th to keep the Qalandars in control.
Rashid returned 5-20 to restrict Peshawar to 160-8, despite Shoaib Malik’s 48-ball 73.
In the earlier game, Babar Azam’s unbeaten half century went in vain as Multan Sultans defeated defending champion Karachi Kings by 12 runs.
Azam hit 85 off 63 balls, but Multan held Karachi to 164-7 through some disciplined seam and spin bowling.
After being put into bat, Multan did well in the end to push its total to 176-5 with left-handed Khushdil Shah remaining unbeaten on 44 off 32 balls.
Fast bowler Imran Khan claimed 3-28 and leg-spinner Imran Tahir picked up the key wickets of Martin Guptill and Afghanistan’s Najibullah Zadran, who both scored 11 runs each as Azam was kept in check by the Multan bowlers.
Azam took his time to settle down and got little support from the other end to challenge the target. Azam raised his 18th half century in the PSL off 45 balls but his five fours and four sixes in the end were not enough to carry his team home.
Khan claimed all his three wickets in the last over and was on a hat trick when he dismissed Thisara Perera and captain Imad Wasim off successive deliveries.
Qasim Akram denied Khan the hat trick before offering a tame catch off the last ball at extra cover.
South African Rilee Rossouw smashed seven fours in his quickfire 44 off 24 balls and it looked like Multan could cross the 200-run mark.
Rossouw and captain Mohammad Rizwan (29) shared a 68-run third wicket stand off 39 balls as Multan reached 107-2 by the halfway stage.
But Karachi hit back through Thisara Perera, who bagged 2-12 off his three overs as Rossouw sliced a catch to long on and Rizwan was run-out in the same over while attempting a needless second run.
The left-handed Shah propelled Multan’s total with an unbeaten 44 off 32 balls when he hammered Mohammad Amir for three fours and a six in the last over as the left-arm fast bowler, now retired from international cricket, finished with expensive figures of 0-42 off his four overs.
Pakistan’s premier Twenty20 league was moved to Abu Dhabi for the remaining 20 games after it was suspended in March when several players and support staff tested positive for COVID-19 in a bio-secure bubble at Karachi.
PSL: Lahore Qalandars bag late victory over Peshawar Zalmi in Abu Dhabi
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PSL: Lahore Qalandars bag late victory over Peshawar Zalmi in Abu Dhabi
- Starring performances from batsman Tim David and leg-spinner Rashid Khan powered Lahore Qalandars to a 10-run victory
- After setting daunting target of 171 runs, Lahore Qalandars were off to flying start with the ball, removing two openers in second over
Islamabad dismisses claims about paying up to 8 percent interest on foreign loans as ‘misleading’
- Pakistan has long relied on external loans to help bridge persistent gaps in public finances and foreign exchange reserves
- Pakistan’s total external debt, liabilities stand at $138 billion at an overall average cost of around 4 percent, ministry says
KARACHI: Pakistan’s finance ministry on Sunday dismissed as “misleading” claims that the country is paying up to 8 percent interest on external loans, saying the overall average cost of external public debt is approximately 4 percent.
Pakistan has long relied on external loans to help bridge persistent gaps in public finances and foreign exchange reserves, driven largely by a narrow tax base, chronic trade deficits, rising debt-servicing costs and repeated balance-of-payments pressures.
Over the decades, successive governments have turned to multilateral and bilateral lenders, including the International Monetary Fund, the World Bank and the Asian Development Bank, to support budgetary needs and shore up foreign exchange reserves.
The finance ministry on Sunday issued a clarification in response to a “recent press commentary” regarding the country’s external debt position and associated interest payments, and said the figures required contextual explanation to ensure accurate understanding of Pakistan’s external debt profile.
“Pakistan’s total external debt and liabilities currently stand at $138 billion. This figure, however, encompasses a broad range of obligations, including public and publicly guaranteed debt, debt of Public Sector Enterprises (both guaranteed and non-guaranteed), bank borrowings, private-sector external debt, and intercompany liabilities to direct investors. It is therefore important to distinguish this aggregate figure from External Public (Government) Debt, which amounts to approximately $92 billion,” it said.
“Of the total External Public Debt, nearly 75 percent comprises concessional and long-term financing obtained from multilateral institutions (excluding the IMF) and bilateral development partners. Only about 7 percent of this debt consists of commercial loans, while another 7 percent relates to long-term Eurobonds. In light of this composition, the claim that Pakistan is paying interest on external loans ‘up to 8 percent’ is misleading.
The overall average cost of External Public Debt is approximately 4 percent, reflecting the predominantly concessional nature of the borrowing portfolio.”
With respect to interest payments, public external debt interest outflows increased from $1.99 billion in Fiscal Year (FY) 2022 to $3.59 billion in FY2025, representing an increase of 80.4 percent, not 84 percent as reported. In absolute terms, interest payments rose by $1.60 billion over this period, not $1.67 billion, it said.
According to the State Bank of Pakistan’s records, Pakistan’s total debt servicing payments to specific creditors during the period under reference were as follows: the IMF received $1.50 billion, of which $580 million constituted interest; Naya Pakistan Certificates payments totaled $1.56 billion, including $94 million in interest; the Asian Development Bank received $1.54 billion, including $615 million in interest; the World Bank received $1.25 billion, including $419 million in interest; and external commercial loans amounted to nearly $3 billion, of which $327 million represented interest payments.
“While interest payments have increased in absolute terms, this rise cannot be attributed solely to an expansion in the debt stock,” the ministry said. “Although the overall debt stock has increased slightly since FY2022, the additional inflows have primarily originated from concessional multilateral sources and the IMF’s Extended Fund Facility (EFF) under the ongoing IMF-supported program.”
Pakistan secured a $7 billion IMF bailout in Sept. 2024 as part of Prime Minister Shehbaz Sharif’s efforts to stabilize the South Asian economy that narrowly averted a default in 2023. The government has since been making efforts to boost trade and bring in foreign investment to consolidate recovery.
“It is also important to note that the increase in interest payments reflects prevailing global interest rate dynamics. In response to the inflation surge of 2021–22, the US Federal Reserve raised the federal funds rate from 0.75-1.00 percent in May 2022 to 5.25–5.50 percent by July 2023. Although rates have since moderated to around 3.75 percent, they remain significantly higher than 2022 levels,” the finance ministry said.
“The government remains committed to prudent debt management, transparency, and the continued strengthening of Pakistan’s macroeconomic stability,” it added.
