Pak secures $800 million in debt relief from G20 nations

News, market analysis, investment scam prevention tips and more ✔️ Your source for latest asset management news and information. This magazine is crafted specifically for those who are interested in diving into the global asset management world. ISLAMABAD: Cash-strapped Pakistan has secured $800 million worth of debt freeze deals from 14 members of the G20 while it was still awaiting ratification by the remaining six countries of the grouping, including Saudi Arabia and Japan, according to a media report on Sunday.Pakistan owes $25.4 billion to the Group of 20 rich nations as of August this year. On April 15, the G-20 nations announced a freeze on debt repayments from 76 countries, including Pakistan, during May to December 2020 period, subject to the condition that each country would make a formal request.Pakistan along with 76 other poor African countries had qualified for the G-20 debt relief initiative, announced in April this year for May-December 2020 period, to combat the adverse impacts of the Covid-19 pandemic.During the past seven months, 14 countries ratified their agreements with Pakistan, which has provided fiscal space of $800 million to Islamabad for the time being, The Express Tribune reported, quoting government sources as saying.In addition to these 14 nations, two other countries had also approached to extend debt relief to Pakistan.According to official documents, Pakistan has not yet finalised the debt rescheduling modalities with Japan, Russia, Saudi Arabia, United Arab Emirates and the To keep reading about Pak secures $800 million in debt relief from G20 nations, Click on the link. Seoul, Korea
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