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Pakistan secures another $1 billion debt relief

bySidra Butt
April 10, 2021
in Business, Economy, Finance, New
Reading Time: 1 min read
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The global debt payments suspension initiative has provided temporary relief of around $3.5 billion to Pakistan and one-third of the relief has come from China, reducing immediate borrowing requirements by the same amount.

Under the third-phase (July-December 2021) of the Debt Service Suspension Initiative (DSSI) by the G-20 countries, Pakistan will get around $1 billion relief, the economic affairs ministry said on Friday. This includes $785 million worth of pause on principal loan repayments and the remaining on account of interest repayments.

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An International Monetary Fund (IMF) staff report has put the relief amount under the first two phases at $2.5 billion. This has brought the total temporary relief to $3.5 billion under three phases.

The debt relief will provide much needed fiscal space for mitigating socioeconomic impact of Covid-19, and meet urgent health and economic needs of the country.

Tags: DebtDSSIFiscalG-20 countriesGlobalPakistan
Sidra Butt

Sidra Butt

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