ISLAMABAD – Pakistan and Japan signed debt suspension agreements amounting to $ 367 million under the G-20 Debt Service Suspension Initiative (Phase-I).
Noor Ahmed, Secretary, Economic Affairs Division and Kuninori Matsuda, Ambassador of Japan to Pakistan signed these agreements in Islamabad. The signing ceremony was witnessed by senior officials of Japanese Embassy.
In the wake of COVID-19, the G20 countries, together with the Paris Club creditors, announced a Debt Service Suspension Initiative (DSSI) to provide much needed fiscal space to stressed countries in order to meet their urgent economic and health needs.
The Government of Pakistan, taking advantage of this initiative, entered into negotiations with 21 creditor countries for debt suspension amounting to US$ 1.6 Billion under DSSI Phase-I (April – December, 2020). Pakistan will repay the suspended amount in 4-years starting January, 2022.
On this occasion, Secretary, EAD reiterated his appreciation for the debt suspension provided by Japanese Government.
He highlighted that Japan is the 2nd largest bilateral lender to Pakistan. He also thanked the Government of Japan for its generous support for fighting against COVID-19 pandemic. He lauded that Japan’s timely support helped Pakistan save lives & livelihoods of millions during the testing times.
He also acknowledged continued support of Japan for health, education, agriculture, infrastructure, disaster management and urban services including water supply, sanitation and waste management.
While speaking on the occasion, Ambassador Matsuda also reaffirmed Japanese support to Pakistan on issues of mutual interest. Japanese economic assistance has played and shall continue to play a vital role in the socioeconomic uplift of Pakistan, he added. Both sides reiterated strong commitment towards further expanding bilateral economic cooperation.
Pakistani rupee remains stable against US dollar in the open market on 29 March, 2024.
In the open market, the US dollar was being quoted at 278.3 for buying and 281.05 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
US Dollar | USD | 278.3 | 281.05 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.70 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.46 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.7 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
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