Friday, July 23, 2021

G-20 suspends Pakistan’s debt payments by end of 2021

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ISLAMABAD: Pakistan has received major debt relief from G20 countries amid the coronavirus pandemic as the premier forum of the world’s leading economies has suspended Pakistan’s debt of $3.7 billion by the end of this year.

This was announced by Federal Minister for Information and Broadcasting Fawad Chaudhary during a media briefing in Islamabad.

“This is yet another positive development for the country’s economy”, said Fawad.

Back in April 2020, the G20 countries have provided a major relief to Pakistan by postponing debt payments worth $12 billion in the current fiscal year and approved the time period up to 2.5 years for the payments of loan installments and interest.

Read: PM Imran welcomes debt relief measures by G20, IMF for developing countries

It is pertinent to mention here that Prime Minister Imran Khan had called for a ‘Global Initiative on Debt Relief’ for developing countries amid coronavirus crisis on April 12 in order to ‘promote coordinated health and economic response’.

PM Imran Khan appealed the international community in a video message for taking an initiative on debt relief for the developing countries and also invited United Nations (UN) Secretary-General António Guterres to work with him in advancing the objectives of a coordinated response.

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