{"id":5545,"date":"2022-09-30T15:45:32","date_gmt":"2022-09-30T15:45:32","guid":{"rendered":"https:\/\/asiaposts.com\/us-extends-debt-relief-to-pakistan-after-floods\/"},"modified":"2022-09-30T15:45:32","modified_gmt":"2022-09-30T15:45:32","slug":"us-extends-debt-relief-to-pakistan-after-floods","status":"publish","type":"post","link":"https:\/\/asiaposts.com\/us-extends-debt-relief-to-pakistan-after-floods\/","title":{"rendered":"US extends debt relief to Pakistan after floods"},"content":{"rendered":"

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The rollover is related to the Paris club agreement in April 2020 to support 73 lower income countries during COVID-19, under which the US provided relief on US$128 million in debt to Pakistan.<\/p>\n

The agreement to suspend payments on that debt, plus an additional US$4 million, has now been rolled over again.<\/p>\n

Pakistan’s outgoing finance minister Miftah Ismail said last week that Islamabad was seeking debt relief from bilateral creditors in the wake of flooding, but emphasised the government was not seeking any relief from commercial banks or Eurobond creditors.<\/p>\n

The country’s bonds had slumped to just half their face value, after the Financial Times newspaper said a United Nations development agency was urging the cash-strapped country to restructure its debt.<\/p>\n

Ismail said the US$1 billion bond would be paid on time and in full due later this year.<\/p>\n<\/div>\n

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[ad_1] The rollover is related to the Paris club agreement in April 2020 to support 73 lower income countries during COVID-19, under which the US provided relief on US$128 million in debt to Pakistan. The agreement to suspend payments on that debt, plus an additional US$4 million, has now been rolled over again. 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