Islamabad: The government has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris Club.
The debt rescheduling agreements were signed on Monday with France, Switzerland, and China by the Economic Affair Division at Islamabad. The signing ceremony was witnessed by senior embassy officials of these countries.
On this occasion, Secretary Economic Affairs Division appreciated the debt suspension support provided by the G20 and Paris Club countries. He said it was timely and had helped Pakistan save lives and livelihoods of millions during the difficult COVID-19 times.
“The Government of Pakistan has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris Club,” the Ministry of Economic Affairs said in a statement.
It may be recalled that the G20 countries, together with the Paris Club creditors, had announced a Debt Service Suspension Initiative (DSSI) to provide much needed fiscal space to stressed countries in their fight against COVID-19. The Government of Pakistan, taking advantage of this initiative, entered into negotiations with 21 creditor countries for debt suspension amounting to USD 1.7 billion.
Pakistan’s total debt payable to 11 countries of G20 stands at about $20.7 billion under 155 loans. Pakistan does not have any loan from the remaining nine members of the G20 countries.