G20 suspends Pakistan’s loan repayment amid COVID-19 pandemic

Pakistan Foreign Minister on Thursday informed that Pakistan is among the 75 countries which will benefit from the loan repayment suspension announced by the G20 amid the coronavirus crisis.

“Today, G20 nations agreed to suspend bilateral government loan repayments for developing countries until the end of the year. Pakistan, along with 75 countries benefit from this as of May 01 with relief upwards of estimated $20 billion,” SAID Qureshi in a series of tweets.

FM Qureshi added that since March, Pakistan has lobbied global stakeholders, from world leaders and heads of financial institutions to restructure/relieve debt of developing world.

He added that the G20 has also called on private creditors to participate on comparable terms and echoes Pakistan’s call to multilateral development banks for relief/restructuring debt for developing world allowing for more fiscal space to tackle health and economic crisis of COVID-19.

About the COVOD-19 unprecedented socio-economic impact is far greater in the developing world and Foreign Office together with Ministry of Finance will continue to strive for a strong and coordinated global response, driving forward the PM’s Global Initiative for debt relief.

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