According to the Ministry of Economic Affairs. Recently Pakistan's government inked an agreement with the French Republic on Monday. As part of the G20 Debt Service Suspension Initiative (DSSI).
The ministry said in a statement issued in this respect that the government had signed a DSSI. Which amounted to the suspension of loans. Totaling $107 million within the G20 DSSI framework.
Moreover, this was initially due between July and December 2021. We will pay it back in semi-annual installments over six years. (Plus a one-year grace period), according to the statement.
So today in Islamabad, finally the French Ambassador to Pakistan signed the agreement. Nicolas Galey, and the Federal Secretary for Economic Affairs Division, Mian Asad Hayaud Din.
Now they signed agreements for the suspension of $261 million between the government and the French Republic.
Now the ministry said that the G20 DSSI has provided the budgetary space. In fact, It's required to address the pressing health and economic requirements of the Islamic Republic of Pakistan. Therefore as a result of the support given by Pakistan's development partners accordingly.
According to the ministry, they suspended the entire amount of debt. Later they rescheduled through the DSSI framework, spanning the months of May 2020 and December 2021, is $3,688 million.
Similarly, it is important to note that Pakistan has already reached 93 agreements. And signed them with 21 bilateral creditors for the rescheduling of its debts under the G20 DSSI framework. Totaling a rescheduling of about $3,150 million.
They signed the above-mentioned agreements. Bringing the total to $3,257 million. The G20 DSSI's remaining agreements are currently the subject of negotiations during the process.
Before we start looking for a new loan from a country we need to immediately pay our previous loans. Only then we’ll subsequently rise up our country’s economy. In the end, it’s concluded that our country is already in great debt and we need to pay it all.