US provides $132 million debt relief to Pakistan

By: News Desk
Published: 10:34 AM, 1 Oct, 2022
US provides $132 million debt relief to Pakistan
Caption: Representational image.
Stay tuned with 24 News HD Android App
Get it on Google Play

The United States of America has provided $132 million debt relief to Pakistan under the G20 Debt Servicing Suspension Initiative, reported 24NewsHD TV channel on Saturday. 

In its Twitter message on Friday, the US Embassy in Islamabad said: “Ambassador (Donald) Blome today signed the second US-Pakistan bilateral agreement under the G20 Debt Service Suspension Initiative, providing $132 million in U.S. debt relief to Pakistan. Our priority is to redirect critical resources in Pakistan.”

Pakistan which was hit by the biblical floods last month is facing a colossal challenge of reconstruction and rehabilitation entailing an expenditure of billions of dollars. The country is confronted with the highest level of inflation in the region, besides depleting foreign reserves. The UN has issued a flash appeal to help the country grapple with the crisis but the international assistance received so far is so paltry in the face of large-scale destruction. 

On Friday, Finance Minister Ishaq Dar requested Chinese Ambassador Nong Rong for refinancing the loan worth two billion dollars.  

The federal finance and the Chinese ambassador held a meeting in Islamabad and discussed issues of mutual interests and bilateral relations.  

Dar requested the ambassador for refinancing the $2 billion loan that Pakistan has to pay back to China in March 2023. 

The Chinese ambassador assured all possible help to Pakistan, especially for the flood victims.