Japan Rolled Over $367m Debt Installment For Pakistan
G-20 countries along with Paris Club creditors announced debt suspension to provide fiscal space to severely hit countries
Under the G-20 Debt Service Suspension Initiative (DSSI), Pakistan and Japan signed a debt suspension agreement amounting to $367 million.
The official statement by Economic Affairs Division (EAD) confirmed the news and maintained that Noor Ahmed, Economic Affairs Division Secretary, and Kuninori Matsuda, Ambassador of Japan to Pakistan, signed the debt suspension agreement in Islamabad.
Owing to global covid-19 situation, G20 countries along with Paris Club creditors announced debt suspension to provide fiscal space to severely hit countries.
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Pakistan, while taking advantage, entered into negotiations with 21 creditor countries for debt suspension.
The suspended sum of $1.6 billion will be repaid in four years starting from January 2022.
Addressing on the occasion, Economic Affairs Division Secretary Noor Ahmed welcomed facilitation from Japan.
He was of the view that the country was the second-largest bilateral lender for Pakistan.
As per sources, the global debt payment suspension initiative has provided temporary relief of around $3.5 billion to Pakistan.
