fbpx mmnews

Paris Club announces more time for Pakistan to repay its loan

The Paris Club of country lenders has announced to give more time to Pakistan to repay the loan in view of the sanctions and economic problems caused by coronavirus around the world.

The International News Agency said that Pakistan will be able to repay the loan taken from the Paris Club by December this year. According to the International Monetary Fund (IMF), Pakistan has to repay 11.5 billion to the Paris Club, for which more time has been given.

Last year, due to the coronavirus epidemic, the Paris Club extended the date for repaying loans to three other countries besides Pakistan. Reuters said that the Paris Club provided relief to Pakistan in addition to Chad, Ethiopia, and Congo under the G20 program.

Earlier, the World Bank had approved a loan of Rs 800 million for Pakistan to provide economic relief in the wake of the Corona epidemic, which amounted to about Rs 126.52 billion in Pakistani currency.

Three months ago today, the World Bank issued a statement approving a loan of more than one trillion rupees to Pakistan. The statement said that the loan aims to launch two programs in two years, one of which will generate affordable and clean energy.