Business

Govt inks $197.5m debt suspension agreements

Amount will be repaid over period of six years

APP June 16, 2022

CREATIVE COMMONS

ISLAMABAD:

Pakistan on Wednesday signed two debt service suspension agreements amounting to $197.49 million under the G-20 Debt Service Suspension Initiative (DSSI).

The government of Pakistan has signed agreements with the Japan International Cooperation Agency (JICA) and the government of Swiss Confederation, said a press release.

Around $91.60 million was owed to JICA during the period from January to June 2021 and $5.89 million was owed to the government of Swiss Confederation during the period from July to December 2021.

According to the statement, these amounts will now be repaid over a period of six years (including a one-year grace period) in semi-annual installments.

“Due to the support extended by the development partners of Pakistan, including JICA and the government of Swiss Confederation, the G-20 DSSI has provided the fiscal space necessary to deal with the urgent health and economic needs of Pakistan,” it added.

The total debt suspended and rescheduled under the DSSI framework, covering the period from May 2020 to December 2021, stands at $3,688 million.

Pakistan has already concluded and signed 91 agreements with 21 bilateral creditors for the rescheduling of debt amounting to almost $2,953 million under the DSSI framework.

Published in The Express Tribune, June 16^th, 2022.

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COMMENTS (3)

test | 2 years ago | Reply Mentally ill Crooks Pscyopaths Mental cases of our Govt don t understand one thing and that is Japan is not manuafacturing a single vehicle in Pakistan. We import ready made cars from Japan. Japan has only assembly plants in Pakistan which provice little to none value to supply chain. Also we have trade deficit of 2 billion or more with Japan. And here comes the switzerland where our most of our corrupt has hidden wealth in those swiss bank accounts. So the deal must be something like Hey Japan shift your car and bike manufacturing to our country or please leave our country as soon as possible or we will kick your Choice is of Japan which ever they like Hey Switzerland our money in your private swiss bank accounts is 100 or thousands of times more than you are asking us 5.89 million. Ok we will pay you 5.89 million loan but first what about our 58.9 billion that are hiddent in your swiss bank accounts of corrupt Pakistani elite. And why isn t Switzerland giving our stolen money I have said millions of times they are our adversaries. And even if these westerns die to convince that they aren t bad. I would still believe that they are evil and monsters. They are snakes who will eventually bite you at the end no matter what. So anyone who is a fan of these westerns deserve my slap on face. I mean what is more worst that they are not giving you your money your hard earned money because corrupt and ruling elite like west while those are not different from westerns. And those people from our country who like west are like westerns and therefore all west like minded people from our country westerns has one common place and that are my shoes. Wanna lick my shoes They are loyal to west but are not loyal to our country. What a shame that such corrupt people are even born and are total disgrace to our homeland.

Jawad Ahmed | 2 years ago | Reply What have done Pakistan Army. You have responsible for Pakistan turmoil for the the past 65 years. Wake up.

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