Korea reschedules Pakistan’s debt
The Ambassador says Korea stands by Pakistan and aims to enhance bilateral economic relationship between the two countries
ISLAMABAD: Secretary of the Ministry of Economic Affairs, Mian Asad Hayaud Din and the Ambassador of the Republic of Korea, Suh Sangpyo signed an agreement here in Islamabad for the rescheduling of external debt of Pakistan owed to the Republic of Korea for the year 2020 and first half of year 2021.
This agreement comes, following months of negotiations leading up to the Memorandum of Understanding on the Treatment of Debt Service and its Amendment signed between the Republic of Korea and Pakistan in June and December, 2020 respectively. It is pertinent to mention here that the International Monetary Fund and the World Bank called on all official bilateral creditors to suspend debt payments from the International Development Association (IDA) countriesin March, 2020 by the G20 Finance Ministers agreement on the Debt Service Suspension Initiative (DSSI) in April, 2020 and the concerns expressed by the Paris Club regarding the economic and social impact of COVID-19 crisison the poorest countries of the world.
The Ambassador spoke at the ceremony that the Republic of Korea stands by Pakistan and aims to enhance bilateral economic relationship between the two countries. The Secretary, MianAsadHayaud Din appreciated the Ambassador for paving the way for this agreement and thanked the Government of the Republic of Korea for it everlasting support to Pakistan. In the side-lines of the signing ceremony, the Ambassador additionally met with the Additional Secretary of the Ministry of Economic Affairs, Zulfiqar Haider Khan and discussed matters of mutual interests.
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