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Debt relief pact with Belgium on Monday

ISLAMABAD: Pakistan will sign debt relief pact with Belgium worth $16 million on Monday (January 17), completing agreement inking process with fourteen countries.

Well placed sources told APP here on Thursday an important meeting with Japanese authorities will be held today to held negotiations to sign debt rescheduling agremenet with $700 million.

Loan rescheduling accords worth around $44 million are likely to be signed with the Paris Club member countries including UK, Italy and Switzerland during current month, sources added.

Negotiations with UK, Italy and Switzerland are at advanced level for signing agreements worth $3.7 million, $ seven million and $33 million respectivley, sources stated.

All debt relief pacts with the rest of the Paris Club member countries would be signed in Islamabad, sources said continuing, meeting was held on Thursday with UK authorities to further pave the way for signing process.

Likewise, meetings are also being held with Italy and Switzerland authorities to finalise the date for inking agreements on debt rescheduling, sources said.

Agreements with 13 out of 18 Paris Club countries have so far been inked, sources added further saying, signing process for debt relief pact with six Non Paris Club countries worth $500 million will be completed by next month.

The negotiation for signing debt relief pact with Non Paris Club member countries including China, Saudia Arabia, Kuwait, UAE, Libya and Czechoslovakia worth $500 million is under process, sources stated.

Loan rescheduling accords signed with 13 Paris Club member countries amounted to around $2 billion, sources added maintaining, the whole process of signing agreements with 18 Paris Club countries worth $2.8 billion would be finalised during next month.

Pakistan has also got extension from the Paris Club Secretariat by February 29 for accord signing arrangements, sources said hoping, all agreements would be finalised within the extended span.

The debt agreements are part of an overall relief package, arranged by the Paris Club for Pakistan in January last, for rescheduling $3.3 billion debt over a period of 20 years. APP