Paris Club extends Pakistan’s debt payment deadline to December

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The Paris Club of creditor countries has announced that it is extending Pakistan’s deadline to service its debt, so that the country can muster its resources to fight the COVID-19 pandemic.

The Paris Club has granted Pakistan an extension until December, to repay the debt, the club said in a statement Friday and did not release any figures.

Islamabad “is committed to devoting the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the Covid-19 crisis,” the statement said, Dawn reported.

Pakistan’s debt stands at around 90 percent of its gross domestic product (GDP), the International Monetary Fund said.

The debt service for the 2021-2022 fiscal year amounts to 56.9 billion dollars, according to the IMF.

Pakistan must repay $ 11.5 billion to the Paris Club, according to the IMF.

The Paris Club is a group of large creditor countries with policies to extend coordinated debt relief to developing countries in addition to ensuring sustainable debt levels.

(With entries from ANI)

Disclaimer: This article was posted automatically from an agency feed without any text changes and has not been reviewed by an editor

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