Pakistan Saving $2.4 Billion In Debt Relief In 2020

June 26, 2020Nouman Ilyas0

The world’s poorest countries could save more than $12 billion (9.71 billion pounds) owed this year by engaging in a debt relief scheme to the sovereign and other creditors, with Angola alone saving some $3.4 billion, a recent World Bank report estimates.

Also, the savings under the Covid-19 related Debt Service Suspension Initiative (DSSI) would be short-term, as the program only allows for debt suspension until year-end. It delays those payments until a later date but refuses to cancel them immediately.

According to the results, Pakistan will be the second-largest saver among qualifying DSSI countries, with $2.4 billion, after Kenya with $802 million. Officials from the IMF and the World Bank warned that given the high debt levels, the Covid-19 pandemic will hit developing and emerging markets particularly hard;

sharp drops in oil and other commodity prices and insufficient health systems.

The DSSI is funded by sovereign borrowers from the G-20, the World Bank, the IMF, and the Paris Club. The database offers a new level of accountability regarding debts and creditors, including China, which over the past two decades has been one of Africa’s largest creditors and elsewhere.

Extracted from City42 News

Nouman Ilyas

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