South Korea defers Pakistan’s loan worth $19.91m

ISLAMABAD: The federal government on Monday signed a Debt Service Suspension Agreement with the Republic of Korea amounting to the deferment of payment of loans worth $19.911 million, under the G-20 Debt Service Suspension Initiative (DSSI) framework.

This amount, initially had to be repaid between July and December 2021, will now be repaid over a period of six years (including a one-year grace period) in semi-annual instalments, said a press release issued by the Economic Affairs Division (EAD).

Due to the support extended by the development partners of Pakistan, the G-20 DSSI has provided the fiscal space which was necessary to deal with the urgent health and economic needs of the country.

The total amount of debt, that is 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 concluded and 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 above-mentioned agreement brings this total to $3,653 million. Negotiations for the remaining agreements to be signed under the G-20 DSSI are ongoing.

from Latest Pakistan News Breaking News from All over Pakistan - ARY News https://ift.tt/H9ui4pN