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G-20 postpones repayment of $ 3.7 billion loan to Pakistan

 


ISLAMABAD:

In what is a relief amid the Covid-19 pandemic negatively affecting economic activities, G-20 countries have suspended repayment of a $ 3.7 billion loan by Pakistan until the end of the year, it was announced after a federal cabinet meeting on Tuesday. .

The cabinet, which met Prime Minister Imran Khan under the presidency, also decided that a third party would monitor and evaluate projects under the Public Sector Development Program (PSDP).

The G-20 countries have approved the second part of the Dalhart Group Seasonal Index (DGSI) under which they suspended Pakistan’s repayment of its $ 3.7 billion loan by the end of the year. ‘year.

“The suspension of the loan, which was likely to be repaid instantly, is good news for the national economy,” Federal Information Minister Fawad Chaudhry said during a press briefing after the government.

The cabinet also decided to create a third-party mechanism to assess the use of funds on projects to be executed in the Center and provinces under the PSDP.

“The initiative aims to raise public awareness of the use of funds, to ensure the execution of PSDP projects in letter and spirit and to bring transparency to the system,” added the Minister.

The cabinet also gave the green light to plans to introduce a national digital cable policy.

“Switching our cable channels from existing analog to digital will provide transparency in ratings,” said Fawad.

He added that the move would also help increase the number of channels to 900 to 950, such as those related to science, technology and history.

Additionally, he argued, the channels would operate on the subscription model to create a futuristic media scene.

“Cable operators will have the right to buy content while young people will be able to sell their content to them,” said the information minister, adding that this would help create a new content industry.

He observed that this step would also help entice channels, as well as those that operate YouTube channels, to sell their content.

The minister said the National Command and Operation Center (NCOC) may announce the reopening of theaters from June 30 given the improved Covid-19 positivity ratio in the country.

“Have spoken to NCOC and [Federal Minister] Asad Umar has promised that the cinemas will be reopened by June 30. However, a final decision will be taken by the NCOC, “he said.

The minister further stated that the government wanted to put electronic voting machines [EVMs] to be used as soon as possible.

“We want to allow the use of EVMs from the next by-elections,” he added.

Fawad said the machines were developed in accordance with the aspirations of the Pakistan Election Commission (ECP).

He added that the government considers overseas Pakistanis to be a vital element. [of the national mainstream], referring to the granting of the right to vote to expatriates.

According to Fawad, the entire nation was looking at the question of liability as if it was “some kind of joke.”

“We ask justice to decide [PML-N President] the case of Shehbaz Sharif on a daily basis, ”he added.

“The schedule for hearing cases is not published despite the passage of a maximum of six months.”

During the meeting, the Ministry of Parliamentary Affairs told the cabinet that the electoral reform legislation was sent to the Senate after it was passed by the National Assembly.

A report on the National Database and Registration Authority (NADRA) audit system was also submitted to the Ministry of Information Technology.

The minister said the cabinet also decided that 42.6% of the revenue of the Central Business District, currently being established at the Walton Airport site in Lahore, would be allocated to civil aviation and 57.4% % to the government of Punjab.

“Civil aviation owned 52 acres and the Punjab government owned 70,” he said.

He described Imran Khan as the “only prime minister”, who was a true environmentalist and eco-friendly prime minister and seriously worried that cities would be expanded without any overly horizontal planning. “But, we have to expand the cities vertically.”

The minister said that now billions of investment rupees will flow in due to the construction of vertical buildings which will add to the beauty of Lahore.

The cabinet also approved the handing over of convict Muhammad Awais, implicated in a rape and domestic violence case, to Norway at his own request. He gave the green light to a stormwater drainage project as part of the Karachi transformation plan.

The cabinet also approved the regularization of an airline, AHS Air International (Pvt) Ltd charter leniency class -II, from August 17, 2016, while an additional extension to the airline would be granted by the Minister of aviation in accordance with policy.

The minister said the cabinet had also discussed the current budget session and the government wanted a full debate on the budget and would listen to constructive criticism.

“But criticism and insult are two different things,” he said, referring to the National Assembly which fell into chaos earlier today.

Lawmakers from the Treasury and opposition benches almost came to blows and threw things at each other.

“The opposition under cover of criticism tried to insult [the treasury members], which is by no means acceptable, ”argued Fawad.

“As predicted by Shehbaz Sharif, the PML-N deputies were given the task of throwing slogans and making mistakes. We will never allow anyone to do such things in Parliament. “

According to sources, Prime Minister Imran expressed his displeasure with the behavior of the opposition and asked the party lawmakers to respond to them in the same way.

Foreign Minister Shah Mahmood Qureshi and Defense Minister Pervez Khattak favored a reconciliatory approach in parliament. However, most ministers were of the view that the treasury banks should not give in to pressure and “fight fire with fire”. (With the contribution of APP)

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