ISLAMABAD, Jan. 11 -- Pakistan doesn't have enough foreign exchange reserves to pay public and private external debt due this year, a report by Moody's said on Thursday.
"Foreign exchange reserves are low and gross borrowing requirements are large in Pakistan... threatening the ability of these governments to refinance debt and fund deficits affordably," Moody's Investors Service said in its report.
The credit rating agency said the total debt due over the next year is larger than foreign exchange reserves, adding lower reserves threaten government to refinance debt.
Pakistan's foreign reserves declined owing to persistent current account deficit. The reserves coverage of imports has also fallen, Moody's said. "Reserves are now worth les...