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IMF gives major debt relief to Pakistan

IMF gives major debt relief to Pakistan

ISLAMABAD: Foreign Minister Shah Mehmood Qureshi on Thursday confirmed that the International Monetary Fund (IMF) has decided to give a one-year relief to Islamabad as the country grappled with coronavirus pandemic.

“Developing nations have been hit the hardest with the pandemic,” Qureshi told media.

The foreign minister’s remarks follow the announcement of the G20 nations on Wednesday to give one-year debt relief to world’s poorest nations as they struggle to financially cope with the coronavirus pandemic

“Prime Minister Imran Khan had appealed to IMF for debt relief for developing countries which was accepted by the Fund. IMF has announced it would give one-year relief to 70 developing nations including Pakistan,” Qureshi said.

The foreign minister said the relief by the Washington-based organisation would be for one year and is expected to be given from May 1.

Prime Minister Imran Khan on Thursday appreciated the decision made by the G-20 to grant debt relief to Pakistan as the country struggles to contain the spread of the coronavirus.

In a meeting with Adviser to the PM on Finance Abdul Hafeez Sheikh, the premier lauded the decision that would grant Pakistan relief from payments related to World Bank and IMF loans for a few months.

Sheikh also briefed the premier about additonal finaicnial assistance being granted to Pakistan by the IMF to better manage the impact of the virus crisis.