IMF formally announces freezing of Pakistan's debt for one year

Pakistan approves $ 40 billion loan at

executive board meeting of WTO

The latest International Press Agency - April 16, 2020), the International Monetary Fund (IMF) has officially announced the freezing of debt of 76 countries, including Pakistan, for one year. The IMF statement says developing countries have to repay $ 40 billion of loans this year, but given the current situation in the Corona virus, developing countries have requested IMF to freeze loans. That's it.
According to the International Monetary Fund (IMF), the G20 countries have agreed to freeze these loans for one year, after which the IMF has agreed to freeze $ 40 billion worth of loans from 76 countries, including Pakistan, for one year. Is approved.

According to the IMF, $ 20 billion out of $ 40 billion will freeze Saudi Arabia and the purpose of freezing debt is to help the affected countries in health and economic problems. Have agreed to freeze for a year, Saudi Arabia will freeze $ 20 billion of its $ 40 billion debt.

According to the IMF, 76 countries, including Pakistan, can take advantage of this facility. The IMF says the purpose of freezing debt is to help the affected countries in health and economic problems. Financial institutions should freeze the debt. Meanwhile, the World Bank's executive board meeting will be held in Washington today, which is expected to approve the issuance of a $ 40 billion loan to Pakistan. According to sources, the IMF executive board meeting will have member countries Decisions will be made to approve the loan and delay the repayment of the loan already paid to deal with the Corona virus.
It should be noted that the IMF has issued a directive to Pakistan to issue a loan to deal with Corona. Pakistan requested a $ 40 billion loan to deal with Corona three weeks ago. If the loan is approved then it will be immediately. Sources said that the amount will be in addition to the pre-existing loan program and that no conditions have been laid.