27.7 C
Islamabad
Wednesday, September 28, 2022

Japan, Pakistan agree on debt deferral of $160m

Must read

WHO Supports the provision of health facilities to the flood-affected populations in Sindh & Baluchistan

Spokesman Report Sukkur, September 28, 2022 – During a field visit to Sukkur division in Sindh province, Executive Director of Health Emergencies Programme, World Health...

Ahsan asks business community to explore global markets for exports

Planning Minister addresses at a dinner reception organized by ICCI in honor of foreign diplomats Naveed Ahmad Khan   Photos by Ghulam Farid ISLAMABAD: Federal Minister for Planning...

NAB is Nabbed

No legacy is so rich as honesty (Shakespeare). Among many contributions of the commando-turned-politician, Gen(R) Pervez Musharraf, establishment of National Accountability Bureau (NAB) in...

Tourism and Pakistan

If a country like Switzerland can earn several billion dollars from tourism, Pakistan can certainly take meaningful steps to attract tourists. However, for transforming...

Ambassador of Japan reaffirms his commitment to support Pakistan

Staff Reporter

ISLAMABAD: The Governments of Japan and Pakistan agreed on debt deferral amounting to approx. US$160 million, as the last phase of “the G20 Debt Service Suspension Initiative (DSSI)”. Prior to this, both Governments agreed on the first debt deferral amounting to approx. US$370 million on April 27, 2021 and the second debt deferral amounting to approx. US$200 million on October 22, 2021, under the same initiative.

The total amount of deferred debt has reached approx. US$730 million, which will widen the fiscal space for the Government of Pakistan to restore its economy affected by the COVID-19 pandemic and the flood disaster.

The concessional loans, subject to debt deferral, have been utilized for infrastructure development such as roads, tunnels, power plants and grids, irrigation, water supply, and drainage facilities in Pakistan from the early 1990s to the mid-2010s. These concessional loans have favorable conditions for Pakistan in terms of low interest rate, as well as long grace and repayment period. Under the last agreement, repayments for the debt and interest due between July 1 and December 31, 2021 will be rescheduled after June 15, 2023.

In addition to the debt deferral, the Government of Japan decided to extend Emergency Grant Aid of USD 7 million to Pakistan in response to the damages caused by the flood disaster that have occurred in Pakistan since mid-June. This Emergency Grand Aid will allow implementing humanitarian assistance activities for those seriously affected by the flood disaster in different parts of Pakistan through multiple international organizations in areas such as food, shelter and non-food items, health and medical care, as well as water and sanitation.

WADA Mitsuhiro, Ambassador of Japan to Pakistan, reaffirmed his commitment to support Pakistan; “I would like to assure that the Government of Japan stands ready to support the people of Pakistan. Given the rapidly rising scale of needs, we consider it critical to extend our best support and stand available to the affected. As part of the “2022 Floods Response Plan”, we will extend our assistance, ensuring collective and coordinated actions to respond to the national emergency”.

The Government of Japan has already provided tents and plastic sheets as emergency relief goods through JICA, and these items are now being distributed to the people in need.

- Advertisement -Japan, Pakistan agree on debt deferral of $160m

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -Japan, Pakistan agree on debt deferral of $160m

Latest article

WHO Supports the provision of health facilities to the flood-affected populations in Sindh & Baluchistan

Spokesman Report Sukkur, September 28, 2022 – During a field visit to Sukkur division in Sindh province, Executive Director of Health Emergencies Programme, World Health...

Ahsan asks business community to explore global markets for exports

Planning Minister addresses at a dinner reception organized by ICCI in honor of foreign diplomats Naveed Ahmad Khan   Photos by Ghulam Farid ISLAMABAD: Federal Minister for Planning...

NAB is Nabbed

No legacy is so rich as honesty (Shakespeare). Among many contributions of the commando-turned-politician, Gen(R) Pervez Musharraf, establishment of National Accountability Bureau (NAB) in...

Tourism and Pakistan

If a country like Switzerland can earn several billion dollars from tourism, Pakistan can certainly take meaningful steps to attract tourists. However, for transforming...

Daily The Spokesman September 28 2022 PDF

Daily The Spokesman September 28 2022 PDF