Islamabad Appreciates Debt Relief Package For Pakistan; FM Qureshi Calls It ‘Substantial’

Pakistan Foreign Minister Shah Mehmood Qureshi has welcomed the decision of G-20 nations to provide debt relief to developing countries which will have a “substantial impact” on Pakistan fighting Covid-19 pandemic.

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The G-20, which also includes arch-rival India, decided to suspend the debt payments of developing countries in order to allow them to focus on fighting the deadly pandemic.

Speaking at a news conference, Pakistan finance minister said the initial debt relief was for one year but added the period could be extended since the crisis was still unfolding.

Earlier, Pakistan PM Imran Khan welcomed the debt relief measures by G20 countries, the International Monetary Fund (IMF) and the World Bank for developing countries, including Pakistan.

Khan admired the debt relief measures after Finance Advisor Dr Abdul Hafeez Sheikh informed him about the planned approval of an additional $1.4 billion concessionary financing from the IMF to deal with the economic impact of the deadly pandemic.

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Since the outbreak of coronavirus, PM Imran Khan has been appealing for debt relief for developing nations. On April 12, Khan formally launched an appeal urging the international financial institutions and developed world seeking debt relief.