Covid-19: Pakistan secures $1.7 billion debt relief deal from international creditors

05:57 PM | 22 Dec, 2020
Covid-19: Pakistan secures $1.7 billion debt relief deal from international creditors

ISLAMABAD – Pakistan has signed a $1.7 billion debt rescheduling agreements with international creditors, getting fiscal space for its stressed economy amid COVID-19 pandemic.

Secretary Economic Affairs Division Noor Ahmad expressed that the deal, following months of talks with creditors, was “timely and had helped Pakistan save lives and livelihoods of millions during the difficult COVID-19 times”.

A statement issued by the Ministry of Finance said that Pakistan had entered into negotiations with 21 creditor countries for debt suspension amounting to $1.7 billion after the G20 countries, together with the Paris Club creditors announced the initiative.

"The Government of Pakistan has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris club," read the statement.

Pakistan's dwindling economy suffered more after the government imposed a slew of lockdown restrictions earlier this year, closing major segments of the economy, in order to slow the spread of COVID-19 in the country.

Prime Minister Imran Khan has been repeatedly pushing the international creditors to forgive the debt of poor countries.

Earlier this year, the G20 together with the Paris Club announced a Debt Service Suspension Initiative (DSSI) waiving most debt payments for the world's poorest countries in 2020 in order to help their economies in tough times.

In June, Pakistan was among a handful of countries to get debt relief from the Paris Club in an effort to handle the fallout of the coronavirus pandemic


Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 25 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 25, 2024 (Thursday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279 for buying and 280.75 for selling. Euro's buying rate moved up to 301.75 and selling rate is 303.85.

British Pound rate is 356 for buying, and 360.25 for selling. UAE Dirham AED was at 76.65 and Saudi Riyal hovered at 73.90.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279 280.75
Euro EUR 301.75 303.85
UK Pound Sterling GBP 356 360.25
U.A.E Dirham AED 76.65 77.4
Saudi Riyal SAR 73.90 74.63
Australian Dollar AUD 184.95 186.75
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.65 205.65
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.75 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.4 204.4
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.55 7.7


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