Credibility had to improve as we were engaged in public dispute with IPPs and foreign Investors were shying away for this and other reasons. Our worst critics also admit that Pakistan’s standing in international financial markets has improved quite significantly and our sovereign ratings are gradually moving upwards.
To improve debt sustainability the following actual cash payments were made by SBP on account of external debt servicing during the last three years. Rs. billion 1999-2000  3.756  2000-2001  5.101  2001-2002  6.327 15.184  These amounts include retirement of $ 4.5 billion of commercial and short term debt and other foreign currency liabilities.