Pakistan among 76 countries to get debt relief from May 1
FM Qureshi says developing countries will get relief on both principal and interest amounts
Relief will be given by all financial institutions, including IMF and World Bank
Foreign Minister Shah Mahmood Qureshi on Thursday said that on Prime Minister Imran Khan’s appeal, the G20 countries have decided to provide debt relief to 76 developing countries, including Pakistan, and this decision will be effective from May 1.
Addressing a press conference in the federal capital, he said that this is a very timely decision and will give developing countries a fiscal space to make spending on their worst-hit segments of population amid the coronavirus pandemic.
He said that despite many cautious voices, the prime minister had launched an appeal to the world community on April 12, calling for debt restructuring for the developing world as the extraordinary spending by them had shrunk their fiscal space badly impacting the revenue generation and exports. He added that after scraping, Pakistan could only manage an economic stimulus package of $8 billion though it was unprecedented.
