Pakistan is expected to get substantial assistance from the IMF: FM Qureshi | Instant News

ISLAMABAD (92 News) – Minister of Foreign Affairs (FM) Shah Mehmood Qureshi has estimated that Pakistan is expected to get substantial assistance from the International Monetary Fund.

In an interview on Thursday about the decision of the G-20 countries and the IMF to provide debt relief to developing countries, the minister said around seventy countries including Pakistan would benefit from it. Pakistan is expected to get massive debt relief starting May 1, adding that this assistance will be for a period of one year.

FM Qureshi recalls that Prime Minister Imran Khan had asked world leaders and institutions to restructure loans from developing countries to overcome the challenges of the coronavirus.

The foreign minister said this would enable developing countries to divert their resources for the protection of people’s lives and make their health systems more effective in responding to challenges.

He said the prime minister’s request was supported by the Secretary General of the United Nations, the IMF and the G-20 countries.

On the other hand, UN Secretary General Antonio Guterres has supported the call of Prime Minister (PM) Imran Khan for the Global Initiative for debt relief to developing countries.

At a regular virtual press conference in New York, UN Secretary General spokesman Stephane Dujarric said Imran Khan’s initiative was in the same spirit as the position of secretary general himself.

The spokesman said the UN chief believed that debt reduction should be an important part of the response to coronavirus, including an immediate waiver of interest payments for the current year.

The spokesman said it was important that limited resources from the poorest countries in the world be used to fight the COVID-19 virus.

Previous, PM Imran Khan has called for the “Global Initiative on Debt Removal” after the coronavirus pandemic.

In a message broadcast to the international community, the prime minister said the COVID-19 pandemic had caused unprecedented health and economic challenges. He expressed fear that the global recession might be worse than the great depression.

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