ECC allows EAD signing of Debt rescheduling agreement with Russia

February 13, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has given the green light to the Ministry of Economic Affairs Division (EAD) to sign a debt rescheduling agreement with Russia.

The agreement pertains to the suspension of a Covid-19-related debt amounting to $14.53 million.

The Ministry of Economic Affairs presented a summary of the G-20 Debt Service Suspension Initiative (DSSI) during the meeting.

The initiative, which was announced in April 2020, aimed to provide debt relief to IDA-eligible countries in an effort to mitigate the socioeconomic impact of the Covid-19 pandemic. Under the initiative, the suspension of principal and interest payments was extended to eligible countries.

So far, the Ministry of Economic Affairs has signed 37 debt rescheduling agreements with 15 creditor countries.

The meeting was chaired by Federal Minister for Finance and Revenue Senator Ishaq Dar.

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