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.
We welcome joint statement of WB & IMF calling upon G20 countries to suspend debt payments of dev countries.
PM Imran Khan has been urging this since COVID-19 pandemic.
We hope it shall be accepted & we also urge multi-laterals for relief on their debts https://t.co/NJJuZ6Thcy— Hammad Azhar (@Hammad_Azhar) March 25, 2020
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.
