Pakistan signs two agreements with Saudi Fund for Development amounting to $ 846mln

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Islamabad: Pakistan has signed two agreements with the Saudi Fund for Development amounting to 846 million dollars under the G-20 Debt Service Suspension Initiative Framework.

Ambassador of the Kingdom of Saudi Arabia to Pakistan Nawaf bin Saeed Al-Malkiy witnessed the signing ceremony held in Islamabad today (Thursday).

Director-General for Asia Saud Ayid R. Alshammari represented the SFD in the signing ceremony.

This amount which was due to be paid during the testing period from May 2020 to December 2021 will now be repaid over a period of six years starting from this year in semi-annual installments.

Due to the support extended by the Saudi Fund for Development along with other bilateral creditor countries, the G-20 DSSI has provided the fiscal space which was necessary to deal with the urgent health and socioeconomic needs of the Islamic Republic of Pakistan.

The total amount of debt that has been suspended and rescheduled under the DSSI framework, covering the period from May 2020 to December 2021, is 3,688 million dollars.

Pakistan has already concluded and signed 80 agreements with 21 bilateral creditors for the rescheduling of its debts under the G-20 DSSI framework, amounting to the rescheduling of 2,088 million dollars.

The signing of agreements with the Saudi Fund for Development brings the total rescheduled amount to 2,934 million dollars while negotiations for the remaining 754 million dollars are underway.

The agreements for this amount are expected to be signed with respective bilateral development partners within the current fiscal year.

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