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G-20 suspends poor countries debt payments for six more months

KARACHI: The G20 has decided to extend its debt relief to help poor countries fight the Covid-19 pandemic by another six months.

Originally approved in May 2020, the Debt Service Suspension Initiative (DSSI) was supposed to run till December 2020. Pakistan was approved under the initiative and $1.8 billion of its external debt service payments falling due till December were rescheduled under it.

With the new announcement made on Wednesday, all debt service payments owed to bilateral creditors from December to June 2021 will also be rescheduled.

“In light of the continued liquidity pressure, while progressively addressing debt vulnerabilities, we agreed to extend the DSSI by six months, and to examine by the time of the 2021 IMF/WBG Spring Meetings if the economic and financial situation requires to extend further the DSSI by another 6 months,”

said the communique issued by the G20 finance ministers and central bank governors after the meeting on Wednesday.

Report by: The Truth International

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