Pakistan secures $128 million from US under debt relief program

Syed Umarullah HussainiWeb Editor

17th Dec, 2020. 11:29 am
Pakistan

Pakistan has so far secured $128 million from the United States as part of the debt relief in 2020 under the G20 Debt Service Suspension Initiative.

According to the details, U.S. Embassy Islamabad in its tweet said:

“Under the #G20 Debt Service Suspension Initiative, the U.S. provided $128 million in debt relief to Pakistan in 2020. Through efforts like this, the U.S. and Pakistan are working together to redirect critical resources to the #COVID19 pandemic response.”

Pakistan along with 76 other poor African countries had qualified for the G-20 debt relief initiative, announced in April this year for May-December 2020 period, to combat the adverse impacts of the COVID-19 pandemic.

It may be recalled that China offered Pakistan $1.5 billion to repay the $2 billion Saudi Arabia debt. The remaining $1 billion is due in January 2021.

Pakistan repaid $1 billion to KSA in the first quarter of the current fiscal year.

The money had been deposited in the central bank on December 15 2018 with a three years maturity period. Islamabad is repaying the amount ahead of schedule. Both the countries have agreed to augment the size of a 2011 bilateral Currency-Swap Agreement (CSA) by an additional 10 billion Chinese Yuan or around $1.5 billion.

Coronavirus Situation in Pakistan

Pakistanis death toll due to the novel coronavirus has hit 9,080 after 71 more fatalities recorded in the past 24 hours.

According to the National Command and Operation Centre (NCOC), 2,545 new infections were reported in a single day.

In the past 24 hours 7,993 patients have recovered from the dread virus during the last 24 hours and 2,505 patients are in critical condition, however, no critical case was added in today’s tally.

The total count of active cases is 42,851 and the positivity rate is recorded up to 6.34 percent. The national caseload currently stands at 448,522.

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