PM Urges G-20 to Extend Debt Relief Facility for Developing Countries

Prime Minister Imran Khan, while calling the G-20 debt relief a timely initiative, urged the forum to further extend the facility to provide greater space to coronavirus-hit developing countries and allow them to dedicate their resources towards providing relief to their people.

Prime Minister Imran Khan chaired a briefing to review the external inflow and outflow situation of the country with special reference to the support received by the country from various development partners to cope up with the COVID-19 situation.

The meeting was attended by Minister for Economic Affairs Division Makhdoom Khusru Bakhtiar, Secretary EAD Noor Ahmed, and senior officials.

External inflows and outflows of the country, COVID-19 financing from development partners, G-20 debt relief, and possible scenarios for engaging friendly countries for Debt-for-Development swaps were discussed during the meeting.

Highlighting the present government’s priorities, the Prime Minister said that effective domestic revenue mobilization, better fiscal and debt management, reforms in the energy sector and financial sector, and improving investment climate in the country are key priorities of the present government.

While appreciating the G-20 debt relief initiative, the Prime Minister observed that the G-20 relief is a timely initiative that complemented the efforts to cope with the challenge of COVID-19.

He urged that the facility should be extended to provide greater space to the developing countries fighting the pandemic to concentrate their resources in providing relief to their people.

The Prime Minister also directed to explore opportunities for debt for development swaps so that the process of socio-economic development could be stimulated.

The premier appreciated the international community for its positive response in the wake of the pandemic.