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Wednesday, December 11, 2024

Home Islamabad Pak, Republic of Korea sign agreement to reschedule external debt

Pak, Republic of Korea sign agreement to reschedule external debt

by News desk
December 11, 2021
in Islamabad

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Secretary of the Ministry of Economic Affairs, Mian Asad Hayaud Din and the Ambassador of the Republic of Korea, Suh Sangpyo signed an agreement for the rescheduling of external debt of Pakistan owed to the Republic of Korea for the year 2020 and first half of year 2021.

This agreement comes, following months of negotiations leading up to the Memorandum of Understanding on the Treatment of Debt Service and its Amendment signed between the Republic of Korea and Pakistan in June and December, 2020 respectively.

The Ambassador spoke at the ceremony that the Republic of Korea stands by Pakistan and aims to enhance bilateral economic relationship between the two countries. The Secretary, Mian Asad Hayaud Din appreciated the Ambassador for paving the way for this agreement and thanked the Government of the Republic of Korea for it everlasting support to Pakistan.