ISLAMABAD: *In a positive development, $1.8 billion worth of loansrescheduled for Pakistan by friendly countries.*
Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikhsaid on Monday that $1.8 billion worth of loans due on Pakistan have beenrescheduled by countries including China, Saudi Arabia, and the UAE.
Talking to Ambassador of Germany Bernhard Stephan Schlagheck, FrenchAmbassador Dr Marc Barety and Economic Counsellor Anais Boitiere, theadviser shared that the rescheduling of another $1.8 billion, due in debtservicing to G-20 countries, till December 2020, was also under process.
“Pakistan’s firm stance in favour of debt rescheduling drive at the G-20forum was based on the belief that the poor countries genuinely requirethis assistance, though Pakistan specifically had benefited lesser from thesaid relief,” the adviser stated.
The ambassadors then sought details of debt rescheduling offered by G-20countries as well as the need for any further loans.
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The adviser said that Pakistan was not going for any commercial loanrescheduling as for now, adding that the Finance Division would adhere tothe requirements of Debt Limitation Act before planning to take up theadditional burden, as most of the loans would be for the purpose ofclearing old debt stocks.
Shaikh appreciated the support offered by friendly countries during thetimes of crisis, hoping that the cooperation would continue in the futureas well.
