Pakistan Affairs

Tag: debts

  • Hascol board approves modified scheme of arrangement as it looks to deal with debts

    The board of directors of Hascol Petroleum Limited (HPL) has approved a scheme of arrangement that will restructure its debt once it has been approved by the company\’s secured creditors and members. The modified scheme was prepared under Sections 279 to 282 and 285 of the Companies Act, 2017, and incorporates feedback from HPL\’s creditors. The scheme of arrangement will be submitted to the High Court of Sindh at Karachi once it has been approved. HPL filed for the scheme so that it can restructure its debts through the court system. Last year, the Federal Investigation Agency arrested HPL\’s founder, Mumtaz Hasan, as part of the investigation into an alleged Rs54bn scam involving the National Bank of Pakistan and HPL. Hasan will remain in judicial custody after a Special Banking Court rejected his interim bail application in February. Dozens of officials from other petroleum companies were also placed in judicial custody for their alleged involvement in the scam.



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  • Developing countries’ debts mount as pandemic and strong dollar hit finances

    Developing countries\’ debt rose to a record high of $98tn in the last year, according to the Institute of International Finance. This is due to currency devaluation, the US Federal Reserve\’s aggressive interest rate increases, and the strength of the dollar against most emerging market currencies. Countries like Pakistan and Egypt are at high risk of default, and Sri Lanka and Ghana have already defaulted on external debts. Advanced economies\’ debt declined by almost $6tn to $201tn, lowering the global debt burden to below $300tn. This trend of rising debt and deficits is concerning, and the situation could worsen if the dollar remains strong. To stay up to date on the latest news, follow my Facebook group!



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