PARIS: The Paris Club of creditor countries said on Friday it was providing Pakistan an additional extension to service its financial obligation to make sure that it can commit its sources to combating the Covid-19 pandemic.
The country has till December to make the payment, the club stated in a statement, without releasing a figure.
Islamabad “is devoted to devote the sources released by this effort to raise spending in order to alleviate the health, financial and social effect of the Covid-19 situation,” the statement stated.
The country’s debt totals up to some 90 per cent of its gross domestic product, according to the International Monetary Fund.
Its financial debt solution for the 2021-2022 fiscal year completes $56.9 billion, the IMF claims.
Pakistan owes $11.5 bn to the Paris Club, according to the IMF.