Pakistan's borrowing from international markets likely to increase

ISLAMABAD, Mar 20: Yawning external deficits are likely to increase Pakistan's borrowing from international markets and lead to a further weakening in the rupee, analysts said ahead of a sovereign dollar bond issue on Thursday.

Officials say the upcoming issue is designed to build a benchmark yield curve, but economists note the money is needed to cover a burgeoning import bill caused by rapid economic growth and high oil prices.

With imports climbing at a record pace, the country's current account deficit ballooned to