Paris
The Paris Club of creditor countries said that it was giving Pakistan another extension to service its debt so that it can dedicate its resources to combat-ting the Covid pandemic.
The country has until December to make the payment, the club said in a statement, without releasing a figure.
Islamabad “is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the Covid-19 crisis,” the statement said.
The country s debt amounts to some 90 percent of its gross domes-tic product, according to the International Monetary Fund. Its debt service for the 2021-2022 fiscal year totals $56.9 billion, the IMF says. — AFP
