The cash-strapped Pakistan has received debt relief of US $ 800 million from 14 G20 member countries, while it still needs confirmation from six other countries of the group, including Saudi Arabia and Japan. this information was given in a media report. Pakistan had collected $ 25.4 billion by August this year from the group of 20 richest countries in the world. On 15 April this year, G20 countries announced a moratorium on loan repayment of 76 countries, including Pakistan, from May to December 2020, although a condition was put in place for each country to make a formal request.
The Express Tribune quoted government sources as saying that 14 countries have ratified their agreements with Pakistan during the last seven months, which has currently given Islamabad a debt relief of $ 800 million. According to the report, apart from these 14 countries, two other countries also approached Pakistan for giving loans.
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Approval of 6 countries including Japan, Russia, Saudi, remaining
According to official documents, Pakistan is yet to finalize the debt restructuring rules with Japan, Russia, Saudi Arabia, United Arab Emirates and the United Kingdom. A senior official of the Ministry of Economic Affairs said that these six countries have not yet ratified the debt relief agreements, but the agreement with these countries is expected to be completed by the end of next month.
He said that Pakistan is not even repairing these six countries. It is believed that these members will eventually sign the deals. Pakistan is expecting temporary debt assistance of $ 1.8 billion from the G20 member countries for the period May-December 2020. This includes principal loan repayment of $ 1.47 billion and interest of $ 323 million.
Source: www.financialexpress.com