PM appreciates gesture by international bodies

Foreign minister terms G20 countries’ decision as historic, timely

Prime Minister Imran Khan has appreciated debt relief measures by G20 countries, the International Monetary Fund (IMF) and the World Bank for developing countries, including Pakistan.

He was speaking with to finance adviser Dr Abdul Hafeez Shaikh in Islamabad yesterday.

The special assistant to the prime minister on finance informed Khan about the planned approval of an additional $1.4bn concessionary financing from the IMF to deal with economic impact of coronavirus.

He also updated the prime minister about the progress on various components of Economic Stimulus Package announced by the government.

Meanwhile, Foreign Minister Shah Mahmood Qureshi has said that the G20 countries’ decision to suspend the developing countries’ debt payments for one year will provide fiscal space to these countries to cope with the situation arising out of coronavirus.

Addressing a news conference in Islamabad yesterday, he termed the decision as historic and timely.

Qureshi said that 76 countries, including Pakistan, will benefit from this debt relief, with its application to start from May 1.

The minister said that the relief is on both interest payment and the principal amount.

He said that it will have substantial impact and provide much-needed fiscal space to Pakistan, to be used for the wellbeing and welfare of the people, especially the poor and disadvantaged segments of society.

Qureshi said that it is also step forward to give impetus to the government’s relief oriented programmes, such as Ehsaas

Cash Emergency Programme, under which Rs144bn have been earmarked for disbursement amongst 12mn deserving families.

The minister pointed out it was the fourth major global initiative of Pakistan over the last two years under Prime Minister Khan.

Qureshi said that the other

three global initiatives are those of climate change, countering Islamophobia, and combatting illicit financial flows.

The minister reminded that Prime Minister Khan launched the global initiative for debt relief on the 12th of this month, appealing to global leaders and financial institutions as well as the UN secretary-general to restructure

debt of the developing countries to enable them to effectively handle the situation.

Qureshi pointed out that the coronavirus had affected developing countries the most because of the drop in their exports and remittances.

He said that Khan’s appeal was appreciated by the UN chief and the IMF.

The foreign minister also said that the IMF is expected to approve $1.4bn fiscal liquidity for Pakistan.

He said this amount will also be used in the relief efforts.

The minister said coronavirus is a global phenomenon and larger consensus is required to deal with it.

He said that it was with the same spirit that Pakistan took part in the South Asian Association for Regional Co-operation (Saarc) video conference on Covid-19, hosted by India, even though that New Delhi always tried to undermine the regional peace process.

Responding to a question, Qureshi said the process of bringing back stranded Pakistanis from abroad will pick up momentum in the days ahead as all the necessary arrangements have been made.

The minister said that Pakistan’s missions abroad are providing all possible assistance to citizens.