“Betrayal and Debt: Pakistan’s fate hangs in the balance as a $20mn agreement with Korea adds to the mystery of G-20 DSSI.”

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The Pakistani government has signed an agreement with South Korea to defer loans worth $19.911 million under the G-20 Debt Service Suspension Initiative (DSSI) framework. This means the amount, which initially had to be repaid between July and December 2021, will now be repaid over a period of six years in semi-annual instalments, including a one-year grace period. The total amount of debt to be suspended under the DSSI framework, covering the period of repayment from May 2020 to December 2021, stands at $3,686 million. Pakistan has already signed 104 agreements with 21 bilateral creditors for the deferment of its debt repayments under the G-20 DSSI, amounting to $3,633 million. The signing of the latest agreement with South Korea brings this total to $3,653 million. Negotiations for remaining agreements under the G-20 DSSI are ongoing. The support extended by development partners of Pakistan has provided the fiscal space necessary to deal with urgent health and economic needs in the country. Another DSSI agreement worth $172 million has also been signed with the Japan International Cooperation Agency (JICA).

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