South Korea, Pakistan sign memorandum of understanding for foreign debt rescheduling

ISLAMABAD: Minister of Economic Affairs Secretary Mian Asad Hayaud Din and Republic of Korea Ambassador Suh Sangpyo here signed an agreement for the rescheduling of Pakistan’s external debt to the Republic of Korea for the year 2020 and the first half of 2021.

This agreement comes after months of negotiations leading to the Memorandum of Understanding on the treatment of debt service and its addendum signed between the Republic of Korea and Pakistan in June and December 2020 respectively.

It is relevant to mention here that the International Monetary Fund (IMF) and the World Bank have called on all official bilateral creditors to suspend the debt payments of the countries of the International Development Association (IDA) in March 2020 by the G20 finance ministers agree on debt. Service Suspension Initiative (DSSI) in April 2020 and concerns expressed by the Paris Club regarding the economic and social impact of the COVID-19 crisis on the world’s poorest countries.

The ambassador said at the ceremony that the Republic of Korea supports Pakistan and aims to strengthen bilateral economic relations between the two countries. The Secretary, Mian Asad Hayaud Din, thanked the Ambassador for paving the way for this agreement and thanked the Government of the Republic of Korea for its unwavering support to Pakistan.

On the sidelines of the signing ceremony, the Ambassador also met with the Deputy Secretary of the Ministry of Economic Affairs, Zulfiqar Haider Khan and discussed issues of mutual interest.

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