Islamabad: The federal government has announced rescheduling the payment of USD 1.8 billion in debt to the G20 countries, which is due by December 2020, a news source reported. Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said that Pakistan was not rescheduling any commercial loan at the moment.
Pakistan had to pay back USD 1.8 billion – out of the total USD 20.7 billion – to 11 out of the 20 rich countries by the end of this year. However, due to the COVID-19 outbreak, Group 20 (G20) countries decided to provide relief to the developing countries by postponing the debts they owed.
Subsequently, Shaikh held a meeting with French Ambassador Dr Marc Barety, Economic Counselor Mrs Anais Boitiere and Ambassador of Germany Bernhard Stephan Schlagheck, in this regard. The adviser discussed the details of the debts rescheduling and the possible need for additional loans.
The adviser said that that the Finance Division planned to follow the requirements of the Debt Limitation Act before borrowing more loans and added that any additional loans would be taken for clearing the pending debt stocks.
