Pakistan has secured a US$1.7 billion debt relief agreement to help offset the financial headwinds sparked by the coronavirus pandemic, officials said Monday.
The deal, following months of negotiations with creditors, will provide a moratorium on debt payments for large swathes of the current fiscal year and help ease the cash-strapped countrys massive financial obligations.
The Government of Pakistan has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris club, the countrys ministry of economic affairs said in a statement.
The ministry went on to describe the deal as timely that will help save the lives and livelihoods of millions.
Pakistans economy was already on l…
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