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Pakistani officials negotiating to receive $2Bln debt relief from G20 Countries – Reports

Pakistani officials negotiating to receive $2Bln debt relief from G20 Countries – Reports

India Blooms News Service | @indiablooms | 06 Jul 2020, 11:47 am

Moscow/Sputnik: Pakistani officials have reached tentative agreements with the majority of its G20 creditors as the country looks to receive just over $2 billion in debt relief, the country’s The News portal reports, citing a Finance Division official.

“So far we have reconciled over one dozen creditors out of total 20 so we are making efforts to accomplish reconciliation of exact debt data as soon as possible after which Islamabad will have to sign agreement with each bilateral creditor separately,” the Finance Division official told the portal.

Individual debt relief agreements will be signed before the December 31 deadline, which will give Pakistan’s economy breathing room amid the ongoing disruption caused by the COVID-19 pandemic, the official said.

“We will soon start signing separate agreement with bilateral creditors to avail this debt relief facility to mitigate negative effects of COVID-19 pandemic,” the official said, as quoted by the portal.

The bulk of Pakistan’s debts are owed to China, relating to projects that were undertaken as part of the China-Pakistan Economic Corridor, the portal said.

Pakistan has also built up significant debts with Japan, South Korea, France, and Germany, among others.