PM Imran urges G-20 to further extend debt relief for COVID-19 hit developing world

ISLAMABAD - Prime Minister Imran Khan Friday, while calling the G-20 debt relief a timely initiative, urged the forum to further extend the facility to provide greater space to coronavirus-hit developing countries and allow them to concentrate their resources for providing relief to their people.

Chairing a briefing to review external inflow and outflow situation of the foreign exchange with special reference to the support received from various development partners to cope with the COVID-19 situation, the prime minister directed his economic team to explore opportunities for debt for development swaps so that the process of socio-economic development could be stimulated.

The meeting was attended by Minister for Economic Affairs Division Makhdoom Khusru Bakhtiar, Secretary Economic Affairs Noor Ahmed, and senior officials, a PM Office press release said.

The country’s external inflow and outflow situation of the foreign exchange, COVID-19 financing from development partners, G-20 debt relief, and possible scenarios for engaging friendly countries for Debt-for-Development swaps were discussed during the meeting.

Highlighting the present government’s priorities, the prime minister said effective domestic revenue mobilization, better fiscal and debt management, reforms in the energy and financial sectors, and improving investment climate in the country were key priorities of the present government.

While appreciating the G-20 debt relief initiative, the prime minister observed that the G-20 relief was a timely initiative that complemented the government’s efforts to cope with the challenge of COVID-19.

He appreciated the international community for their positive response in the wake of coronavirus pandemic.