Major creditors, including China, will be expected to follow the joint guidelines agreed by the G20, which lays out how debt deemed to be unsustainable can be reduced or rescheduled
Prime Minister Imran Khan on Tuesday urged the G20 states and the world economic bodies to grant debt relief to developing countries for at least one year as their economies have been hit hard by the novel coronavirus.
Highlighting the economic challenges faced by developing countries amid COVID-19 pandemic, Foreign Minister Shah Mahmood Qureshi on Thursday urged Denmark to play its role on Prime Minister Imran Khan’s proposal for debt relief.
The G20 countries have provided a major relief to Pakistan by postponing debt payment worth $12 billion in the current fiscal year and approved the time period up to 2.5 years.
The two deliberated on the COVID-19 pandemic and its aftermath
FM Qureshi said Pakistan is expected to get a major relief from the International Monetary Fund.
The spokesman said it is important that the limited resources of the world’s poorest countries be used to combat Covid-19 virus.
The World Bank is seeing “a huge willingness” on the part of official bilateral creditors to suspend debt payments by the world’s poorest countries
PM Imran Khan invited the United Nations (UN) Secretary-General António Guterres to work with him in advancing the objectives of a coordinated response.