The world is suffering from the worst economic crisis. The IMF has the capacity to lend one trillion dollars. IMF
The G20 is in the process of rescheduling ارب 1.8 billion in debt
The world is suffering from the worst economic crisis. The IMF has the capacity to lend one trillion dollars. IMF
WASHINGTON, May 12, 2020 / PRNewswire / - Pakistan is in the process of rescheduling ڈالر 1.8 billion in debt to the G20 countries as of December and is not seeking rescheduling of any commercial loans. According to the report, the Cabinet's Economic Co-ordination Committee (ECC) allowed the Ministry of Economic Affairs to hold talks with representatives of the G20 countries on April 17 regarding relief in loans announced for poor countries. Asked 11 joint lenders to negotiate for suspension of joint loans.
The ECC also suggested that the ministry contact the ECC for approval of the debt rescheduling agreement after negotiations. "Overall, the debt relief will mean that between May and June this year, 11 countries Pakistan's ڈالر 1.8 billion repayment will be suspended. Both are in the form of the principal amount of the loan and its interest. This amount will later be included in the repayment schedule.
The total debt owed to Pakistan under these 155 countries is about .7 20.7 billion. The remaining 9 members of the G20 have no debt to Pakistan. کروڑ 5.3 million in interest was due in May and June this year. Similarly, an amount of Rs 1.38 billion, including the actual loan amount of Rs 1.17 billion, was to be repaid in July-December. From now till December, the total debt that Pakistan has to repay is Rs 1.79 billion. The basic debt amount is ارب 1.4 billion and the interest on the loan is کروڑ 386.6 million.
Pakistan has to repay a total of 58 2.58 billion to 11 joint creditors between May 11, 2020 and June 2021. During this period, Pakistan has to repay the highest amount of سب 625 million to Saudi Arabia. China will have to pay 61 615 million, Japan 57 578 million, France about کروڑ 280 million, the United States 19 193 million and Germany کروڑ 148 million.
Other loans disbursed during the period included کو 73 million to Korea, 45 34.5 million to Canada, 2 21 million to Russia, 09 9.0 million to Italy and 13 1.3 million to the United Kingdom. The 1. 1.8 billion installment to be repaid to Pakistan in December 2020 is also being rescheduled. Cristalina Georgia, managing director of the International Monetary Fund (IMF), said some loans were unsustainable and needed to be restructured or forgiven. He said that in some cases it is possible that the debt is not sustainable so some steps will have to be taken whether it is reorganized or reorganized or some aspects. To be forgiven this debt.
Excerpts from Georgia's interview with the IMF headquarters in Washington were released in which he said that more needs to be done in the crisis while the G-20 countries have promised some easing in loans. Last month, it called on leaders of rich countries, the UN Secretary-General and heads of financial institutions to provide debt relief to developing countries like Pakistan so that they can work better to deal with the deadly code-19.
The prime minister had stressed that for some countries, heavy debts were an obstacle to focusing on saving the lives of their citizens from deadly epidemics and hunger, which would be exacerbated by the extension of the lockdown. Recognizing the need for reorganization, he said the first priority is to get rid of the disease that has already claimed thousands of lives and affected millions around the world.
"We're just talking to countries to please spend as much money on their doctors and nurses as possible, and please use the money to save the most vulnerable," said interviewer Julie Echingham. He said that there are conditions with the loan which makes it difficult for the people to spend and this is what makes it difficult to implement during the crisis of Code-19.
"We are aware of the dangers facing the IMF. We want transparency and accountability in our countries. They are fulfilling the audit promises of the use of our own funds, but there is no rope on it," she said. The head of the IMF said he had been approached by more than 100 countries to help fight the epidemic and that more than 50 had requested immediate approval of about 18 18 billion. Of.
During the conversation, Cristalina Georgia was asked to review the extent of the crisis facing the global economy, but she did not respond. She said it was the worst crisis since the Great Depression, but it was even worse because it It includes both the health crisis and the economic downturn and it is a truly global problem. It should be noted that the IMF currently has the capacity to lend کھ 1 trillion, which is four times more than the previous financial crisis. Approved ارب 1.36 billion to Pakistan.
The world is suffering from the worst economic crisis. The IMF has the capacity to lend one trillion dollars. IMF
WASHINGTON, May 12, 2020 / PRNewswire / - Pakistan is in the process of rescheduling ڈالر 1.8 billion in debt to the G20 countries as of December and is not seeking rescheduling of any commercial loans. According to the report, the Cabinet's Economic Co-ordination Committee (ECC) allowed the Ministry of Economic Affairs to hold talks with representatives of the G20 countries on April 17 regarding relief in loans announced for poor countries. Asked 11 joint lenders to negotiate for suspension of joint loans.
The ECC also suggested that the ministry contact the ECC for approval of the debt rescheduling agreement after negotiations. "Overall, the debt relief will mean that between May and June this year, 11 countries Pakistan's ڈالر 1.8 billion repayment will be suspended. Both are in the form of the principal amount of the loan and its interest. This amount will later be included in the repayment schedule.
The total debt owed to Pakistan under these 155 countries is about .7 20.7 billion. The remaining 9 members of the G20 have no debt to Pakistan. کروڑ 5.3 million in interest was due in May and June this year. Similarly, an amount of Rs 1.38 billion, including the actual loan amount of Rs 1.17 billion, was to be repaid in July-December. From now till December, the total debt that Pakistan has to repay is Rs 1.79 billion. The basic debt amount is ارب 1.4 billion and the interest on the loan is کروڑ 386.6 million.
Pakistan has to repay a total of 58 2.58 billion to 11 joint creditors between May 11, 2020 and June 2021. During this period, Pakistan has to repay the highest amount of سب 625 million to Saudi Arabia. China will have to pay 61 615 million, Japan 57 578 million, France about کروڑ 280 million, the United States 19 193 million and Germany کروڑ 148 million.
Other loans disbursed during the period included کو 73 million to Korea, 45 34.5 million to Canada, 2 21 million to Russia, 09 9.0 million to Italy and 13 1.3 million to the United Kingdom. The 1. 1.8 billion installment to be repaid to Pakistan in December 2020 is also being rescheduled. Cristalina Georgia, managing director of the International Monetary Fund (IMF), said some loans were unsustainable and needed to be restructured or forgiven. He said that in some cases it is possible that the debt is not sustainable so some steps will have to be taken whether it is reorganized or reorganized or some aspects. To be forgiven this debt.
Excerpts from Georgia's interview with the IMF headquarters in Washington were released in which he said that more needs to be done in the crisis while the G-20 countries have promised some easing in loans. Last month, it called on leaders of rich countries, the UN Secretary-General and heads of financial institutions to provide debt relief to developing countries like Pakistan so that they can work better to deal with the deadly code-19.
The prime minister had stressed that for some countries, heavy debts were an obstacle to focusing on saving the lives of their citizens from deadly epidemics and hunger, which would be exacerbated by the extension of the lockdown. Recognizing the need for reorganization, he said the first priority is to get rid of the disease that has already claimed thousands of lives and affected millions around the world.
"We're just talking to countries to please spend as much money on their doctors and nurses as possible, and please use the money to save the most vulnerable," said interviewer Julie Echingham. He said that there are conditions with the loan which makes it difficult for the people to spend and this is what makes it difficult to implement during the crisis of Code-19.
"We are aware of the dangers facing the IMF. We want transparency and accountability in our countries. They are fulfilling the audit promises of the use of our own funds, but there is no rope on it," she said. The head of the IMF said he had been approached by more than 100 countries to help fight the epidemic and that more than 50 had requested immediate approval of about 18 18 billion. Of.
During the conversation, Cristalina Georgia was asked to review the extent of the crisis facing the global economy, but she did not respond. She said it was the worst crisis since the Great Depression, but it was even worse because it It includes both the health crisis and the economic downturn and it is a truly global problem. It should be noted that the IMF currently has the capacity to lend کھ 1 trillion, which is four times more than the previous financial crisis. Approved ارب 1.36 billion to Pakistan.
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