Pakistani debt can be scheduled for two years Instant news

Pakistani debt can be scheduled for two years

Islamabad: After an explicit commitment by the Group of 20 nations to postpone the payment of debt payments to the poorest countries facing the pandemic virus 19, the International Monetary Fund and the World Bank have announced support for this measure.

All of these developments may pave the way for debt rescheduling for Pakistan over the next two years because Islamabad is striving to obtain such facilities to create a financial space urgently needed to increase spending on the neglected health sector in the country. Unemployment will increase as expected by all multilateral lenders as well as by independent economists putting pressure on the budget side to boost funding for social safety nets.

The G20 finance ministers and central bankers agreed to postpone the payment of debt services to the poorest countries, which came in the statement after their hypothetical meeting, and said that all official bilateral creditors will participate in this initiative.

This initiative will provide “approximately $ 20 billion in direct liquidity” for poor countries to use their health systems and support their citizens who face COVID-19.

In a joint statement by World Bank Group President David Malpas and Managing Director of the International Monetary Fund Kristalina Georgieva on the results of the G20 finance ministers meeting, “We warmly welcome the decision of the G20 to respond to our call to allow the world’s poorest countries to ask to stop deferring the payment of official bilateral credit in May 1. This is a strong and fast-acting initiative that will do many things to protect the lives and livelihoods of millions of the most vulnerable people The World Bank Group and the International Monetary Fund will move quickly to respond to the G20’s request that we support this measure by cooperating with this Dan in ways that benefit better from this dynamic path. We fight for this debt initiative, we are committed to take all possible steps to support the poor. “

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