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Cash-strapped Pakistan secures $800 million in debt aid from G20 nations: Report

Cash-strapped Pakistan secures $800 million in debt aid from G20 nations: Report

ISLAMABAD: Cash-strapped Pakistan has secured $800 million value of debt freeze offers from 14 members of the G20 whereas it was nonetheless awaiting ratification by the remaining six nations of the grouping, together with Saudi Arabia and Japan, in response to a media report on Sunday.
Pakistan owes $25.four billion to the Group of 20 wealthy nations as of August this 12 months. On April 15, the G-20 nations introduced a freeze on debt repayments from 76 nations, together with Pakistan, throughout May to December 2020 interval, topic to the situation that every nation would make a proper request.
Pakistan together with 76 different poor African nations had certified for the G-20 debt aid initiative, introduced in April this 12 months for May-December 2020 interval, to fight the antagonistic impacts of the Covid-19 pandemic.
During the previous seven months, 14 nations ratified their agreements with Pakistan, which has supplied fiscal house of $800 million to Islamabad in the interim, The Express Tribune reported, quoting authorities sources as saying.
In addition to those 14 nations, two different nations had additionally approached to increase debt aid to Pakistan.
According to official paperwork, Pakistan has not but finalised the debt rescheduling modalities with Japan, Russia, Saudi Arabia, United Arab Emirates and the United Kingdom.
Although these six nations haven’t but ratified the debt aid associated agreements, these G-20 members are anticipated to conclude the deal earlier than finish of subsequent month, mentioned a senior official of the Ministry of Economic Affairs.
He mentioned that Pakistan was not making repayments to those six nations too, on the understanding that these members would ultimately sign-off the offers.
Pakistan was anticipating a complete $1.eight billion non permanent debt aid from the members of G-20 nations for May-December 2020 interval, in response to the Ministry of Economic Affairs. This included $1.47 billion principal loans repayments and $323 million curiosity on the loans.
The financial affairs ministry’s estimates had proven that Pakistan can get $613 million value of non permanent aid from Saudi Arabia, $309 million from China, $23 million from Canada, $183 million from France, $99 million from Germany, $6 million from Italy, $373 million from Japan, $47 million from South Korea, $14 million from Russia, $1 million from the UK and $128 million from the US.
So far, Pakistani authorities have entered into 27 debt rescheduling agreements with about 16 nations, the report mentioned.
The most aid was anticipated from Saudi Arabia to the tune of $613 million for May-December interval, it mentioned. Japan was additionally anticipated to offer $373 million aid. However, agreements with these nations had been nonetheless pending the ultimate nod.
Russia can be anticipated to ratify the revised phrases by finish of subsequent month, which as soon as ratified may present non permanent aid of $14 million, the report mentioned.
Saudi Arabia has additionally not prolonged the $three billion monetary help package deal and has already prematurely withdrawn $1 billion that Pakistan paid again by arranging one other mortgage from China. Pakistan may payback $1 billion subsequent month to the oil-rich kingdom, a 12 months forward of Pakistan’s expectations.
Meanwhile, the Economic Coordination Committee of the Cabinet on Friday authorized to make one other formal request to the G-20 nations for extension in debt aid initiative for an additional six months, the report mentioned.
This time, the Ministry of Economic Affairs has estimated that Pakistan can probably get aid of $915 million, together with $273 million in curiosity funds throughout January-June 2021 interval.
The most aid of $385 million is anticipated from China, adopted by $211 million from Japan, $104 million from France, $53.6 million from Germany, $65 million from the US, $12 million from Saudi Arabia, $7 million from Russia and half 1,000,000 greenback from the UAE.
In case, Japan and Saudi Arabia additionally delay the aid beneath the second section, the online advantages might come all the way down to $685 million within the second section, mentioned the sources.

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