Monday, October 3, 2022

Pakistan gets $3.68b debt relief from G-20 countries

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The global debt payments suspension initiative by the G-20 countries has provided temporary relief of around $3.68 billion to Pakistan, ARY News reported. 

As per details, Pakistan and France have inked an agreement deferring payment of $107million. The agreement was signed by the Secretary of Economic Affairs Division, Mian Asad and France’s envoy Nicolas Galey.

The press statement released by the Economic Affairs Division stated that Pakistan has also inked loan deferred agreements with G-20 countries worth $3.68 billion. The loan amount was to be paid between July to December 2021.

Read more: Finance Ministry says Pakistan-IMF deal to be sealed tomorrow

Meanwhile, the Pak-IMF deal providing Pakistan with the $1 billion loans is expected to be sealed today as IMF plans to hand over Pakistan the economic and financial policy.

According to the finance ministry, the International Monetary Fund (IMF) will hand over the economic and financial policy for the renewed deal providing an economic relief package to Pakistan.

Finance Minister Mifta Ismail said in the NA session that although the country is rife with negative sentiments expressed by many financial quarters it looks very likely that the restoration of the IMF programme is in the offing.

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