ISLAMABAD – Pakistan has signed a debt suspension settlement with the French Republic, to droop loans value $107 million below the G-20 Debt Service Suspension Initiative (DSSI) framework.
A press launch issued by Financial Affairs Division mentioned the quantity, which was firstly repayable in 2021, would now be repaid over a interval of six years whereas the cash-strapped nation additionally will get a one-year grace interval in semi-annual installments.
The Financial Affairs Division mentioned the G20 DSSI has offered the fiscal house which was essential to take care of the pressing well being and financial wants of Pakistan.
The GOP has already signed agreements with the France for suspension of USD 261m. As a result of assist prolonged by the event companions of Pakistan, the G-20 DSSI has offered the fiscal house which was essential to take care of the pressing well being and financial wants of the nation.
— Financial Affairs Division, Authorities of Pakistan (@eadgop) June 27, 2022
The South Asian nation has already inked 93 agreements with 21 bilateral collectors for the rescheduling of its money owed below the G20 DSSI framework, amounting to a rescheduling of virtually $3,150m.
In the meantime, the signing of the current deal brings this whole to $3,257m, Financial Affairs Division officers mentioned.
Earlier, Pakistan struck two debt service suspension agreements with Japan and Switzerland for the suspension of $197.5m in loans. A parallel settlement was inked with the Saudi Fund for Growth for the suspension of debt servicing of $846m earlier in March.