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The Paris Club of creditor countries said on Friday it was giving Pakistan another extension to service its debt so that it can dedicate its resources to combating the Covid-19 pandemic. The deadline has been pushed to December.
Pakistan owes $11.5 billion to the Paris Club, according to the IMF. (Photo: AFP file)
The Paris Club of creditor countries said on Friday it was giving Pakistan another extension to service its debt so that it can dedicate its resources to combating the Covid-19 pandemic.
The country has until December to make the payment, the club said in a statement, without releasing a figure.
Islamabad “is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the Covid-19 crisis,” the statement said.
The country’s debt amounts to some 90 per cent of its gross domestic product, according to the International Monetary Fund.
Its debt service for the 2021-2022 fiscal year totals $56.9 billion, the IMF says.
Pakistan owes $11.5bn to the Paris Club, according to the IMF.
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