Pakistan has secured a $1.7 billion debt relief agreement to help offset the financial headwinds sparked by the COVID-19 pandemic, officials said on Monday.
The deal, following months of negotiations with creditors, will provide a moratorium on debt payments for large swathes of the current fiscal year and help ease the cash-strapped country’s massive financial obligations. “The Government of Pakistan has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris club,” said the Ministry of Economic Affairs.
