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Pakistan formally applies for G20 debt relief

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The Indian Telegraphhttps://theindiantelegraph.com.au/
Established in 2007, The Indian Telegraph is a multi award winning digital media company based in Australia.
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Pakistan formally applies for G20 debt relief

Pakistan has formally requested members of G20 nations for debt relief with a commitment of not contracting new non-concessional loans, except those allowed under the International Monetary Fund (IMF) and World Bank guidelines.

The formal requests were sent to individual countries on May 1 under the G20 COVID-19 Debt Service Suspension Initiative, a senior official of the Economic Affairs Ministry confirmed to The Express Tribune on Monday.

Pakistan formally applies for G20 debt relief
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The government has not mentioned the debt relief in the request letters, although it has assessed the cumulative relief quantum at $1.8 billion for May-December 2020 period.

Pakistan has also intimated to the IMF, the World Bank and the Paris Club about its decision to formally seek debt relief, according to the official.

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Pakistan owes $20.7 billion to 11 members of the G20 nations.

Out of this sum, an amount of $1.8 billion would mature by December, including the interest payments, according to the economic affairs ministry.

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On April 15, the G20 nations announced a freeze on debt repayments from 76 countries, including Pakistan, during the May to December period, subject to the condition that each country would make a formal request.

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