Pakistan welcomes IMF, WB statement for suspending debt payment by dev countries

09:08 AM | 26 Mar, 2020
Pakistan welcomes IMF, WB statement for suspending debt payment by dev countries
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ISLAMABAD - Minister for Economic Affairs Division Hammad Azhar has welcomed the joint statement of World Bank (WB) and IMF calling for suspending of debt payment by developing countries and hoped that it would be accepted.

In a tweet, he said Prime Minister Imran Khan has been urging this since start of the COVID-19 pandemic.

The Minister also urged multi-laterals for relief on their debts.

World Bank and International Monetary Fund (IMF) have urged its bilateral creditors to suspend debt payments from International Development Association countries to help them combat the COVID-19 pandemic.

Pakistan being part of IDA countries, will also get a marginal benefit if the creditor countries agree to the joint proposal of IMF and the World Bank.

In a joint statement, the World Bank Group and the IMF said the coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, which are home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.

The statement said the proposal is likely to be endorsed by the Development Committee during its spring meetings to be held on 16th and 17th of next month.