Pakistan will get one other extension from Paris Membership to pay debt

A packet of former US President Abraham Lincoln five-dollar invoice foreign money is inspected on the Bureau of Engraving and Printing in Washington March 26, 2015. — Reuters/File 
  • Pakistan will get extension to dedicate assets to fight COVID-19.
  • Pakistan has till December to make the cost.
  • Pakistan’s debt service for 2021-2022 fiscal 12 months totals $56.9 billion.

PARIS: The Paris Membership of creditor international locations stated on Friday it was giving Pakistan one other extension to service its debt in order that it could possibly dedicate its assets to combatting the COVID-19 pandemic.

The nation has till December to make the cost, the membership stated in an announcement, with out releasing a determine.

Islamabad “is dedicated to commit the assets freed by this initiative to extend spending so as to mitigate the well being, financial and social impression of the COVID-19 disaster,” the assertion stated.

The nation’s debt quantities to some 90% of its gross home product, in accordance with the Worldwide Financial Fund.

Its debt service for the 2021-2022 fiscal 12 months totals $56.9 billion, the IMF says.

Pakistan owes $11.5 billion to the Paris Membership, in accordance with the IMF.

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