Pakistan to repay Russia $93.5m debt


5:11 PM | December 03, 2019

Russia and Pakistan signed an settlement to settle mutual monetary claims and obligations on operations of the previous Soviet Union, in keeping with which Pakistan will repay the debt to Russia within the quantity of $93.5 million, a Russian information correspondent reported from the signing ceremony.

On the a part of Russia, the settlement was signed by Deputy Finance Minister Sergey Storchak, on the a part of Pakistan, Ambassador Qazi Khalilullah.

The debt reimbursement will reportedly allow Russia to take a position about $eight million in numerous sectors in Pakistan, together with, initially, the vitality and metal business.

Within the 1980s, the Soviet Union imported from Pakistan textile and different merchandise, and opened two financial institution accounts within the Nationwide Financial institution of Pakistan (NBP) for these functions. As a result of collapse of the Soviet Union, some Pakistani exporters remained unpaid for his or her items. In 1996, the Sindh Excessive Court docket restricted fund transfers from the NPB’s Russian financial institution accounts.

Earlier in June, Russia and Pakistan signed a memorandum of understanding on developing the North-South gasoline pipeline by 2020. The pipeline, with investments value of $three billion, is deliberate to attach Iran, Pakistan and India. Final 12 months, Moscow and Islamabad additionally voiced negotiating on doable participation of Russian companies within the tasks for development of Turkmenistan-Afghanistan-Pakistan-India Pipeline.

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