G-20 News

Pakistan Hopes for New $ 1 Billion G-20 Debt Relief


ISLAMABAD: Pakistan is hoping for a third relief on debt payments from G-20 countries, requesting a suspension of more than US $ 1 billion, ARY NEWS reported on Tuesday, citing sources.

According to sources familiar with the matter, the country has requested global debt relief of $ 3.78 billion from the G-20 countries, to be granted in three phases.

“Pakistan has already benefited from two-phase relief,” they said, adding that in the first phase, debt payments of over $ 1.6 billion were suspended for the period from May to May. to December 2020.

The second relief of more than $ 1.1 billion, according to sources, was received for a period from January to June 2021.

They said Pakistan now expects a third relief between July and December 2021, targeting a US $ 1.052 suspension of debt payments from G-20 countries.

In April 2020, the G20 countries brought major relief to Pakistan by postponing debt payments worth $ 12 billion in the current fiscal year and approved a deadline of up to 2, 5 years for the payment of installments and interest.

Read more: Prime Minister Imran welcomes G20 and IMF debt relief measures for developing countries

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

Prime Minister Imran Khan called on the international community in a video message to take an initiative on aid to developing countries and also invited United Nations (UN) Secretary-General António Guterres to work with him to advance the Goals of a coordinated response.