InfoAnda - Pakistan to sell $1 bln of bonds to settle fuel debt

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan to sell $1 bln of bonds to settle fuel debt Reuters - Friday, August 28 KARACHI, Aug 27 - Pakistan will sell 90 billion rupees worth of bonds by Monday to pay off its entire energy debt, a senior government official said on Thursday. ADVERTISEMENT "This is a follow-up tranche of about 90 billion rupees which will be issued by Monday," the official told Reuters. "It is to pay off the entire debt, so this is the balance outstanding," said the official, who has direct knowledge of the issue. The debt is almost 93 billion rupees. In March, the government raised 80.15 billion rupees through the issuance of bonds. The Dawn newspaper cited officials in the Finance Ministry as saying the government had finalised a plan to float 100 billion rupees of bonds to clear the books and eliminate the so-called circular debt. Pakistan State Oil <PSO.KA> is most affected by the circular debt issue and if it does not receive any payments from the government by the end of the month, it will not be able to import petroleum products, according to media reports. A PSO official said the government and private companies owed it a total of about 95 billion rupees. The company has asked the government to pay back 40 billion rupees immediately or it may default on the repayment of money it owes refineries, said the company official, who declined to be identified. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business CORRECTED - UPDATE 1-Kazakhmys H1 EPS beats expectationsReuters - Thursday, August 27 Mashreq says Algosaibi claim attempt to avoid liabilityReuters - Thursday, August 27 Russian retailer X5's Q2 net profit up 87 percentReuters - Thursday, August 27 Seoul shares slip; banks fall, Kumho Elec gainsReuters - Thursday, August 27 India's BHEL gets $39 mln power plant orderReuters - Thursday, August 27 Most Popular – Business Viewed Profile of swine flu begins to emerge: study Microsoft apologizes for photo gaffe Ciudad Juarez, deadliest city in the world: watchdog Singer Chris Brown sentenced for Rihanna assault Jackson killed by drugs cocktail: court View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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