Pakistan might receive yet another debt relief as the Abu Dhabi Fund for Development has suspended debt service repayments for some countries and organizations for the entire year.
The state-financed fund issued a brief statement on Sunday, saying that it is providing debt service relief starting from January 1 to December 31, 2020. It, however, did not name the beneficiaries of the facility.
Abu Dhabi Fund provides financial assistance to companies working in the United Arab Emirates and some developing countries Pakistan, Egypt, Sudan, and Ethiopia.
The fund’s director-general Mohammed Saif al-Suwaidi said that the move is aimed at providing relief to deserving countries and individual companies in need.
At a time when the world is reeling under the effect of the pandemic … it is imperative for us to support particularly those that need it most, especially the low-income countries.
The statement said that the debt services will be delayed for eligible countries and firms for a whole year, without giving away details of the criteria for the scheme.
Countries and companies looking to avail the debt relief offer will have to request repayment suspension.