UN urges int'l creditors to consider suspending debt repayment for Pakistan - Islamabad News

Islamabad, Sep 23 (IANS) The United Nations has urged international creditors to consider suspending debt repayment for Pakistan.

by IANS | Updated Sep 23, 2022

UN urges int'l creditors to consider suspending debt repayment for Pakistan - Islamabad News

The country can prioritise disaster response over debt repayment, the Financial Times cited a UN policy memo as saying, Samaa TV reported.

The UN Development Programme (UNDP) is expected to share the memorandum with the Pakistan government this week.

The UN, in its memo, has said that Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country's financial crisis, Samaa TV reported.

During his visit to Pakistan earlier this month, UN Secretary-General Antonio Guterres had said that Pakistan has suffered unprecedented flood destruction and its losses stood at $30 billion and counting.

Both the Pakistan government and Guterres have blamed climate change for the monsoon on steroids' that triggered monster floods in the country.

In an interview with Bloomberg TV aired on Friday, Prime Minister Shehbaz Sharif also made an urgent appeal for debt relief from rich nations as catastrophic floods exacerbated by climate change displaced millions in the country.

Sharif has made an urgent appeal for relief in the repayment of debts from rich nations, reminding them that the country is bearing the brunt of environmental damage caused by them to cater to their greed, Geo News reported.

As per Sharif, there is a "yawning gap" between what Pakistan is asking for and what is available, warning that the nation is facing the imminent threat of epidemics and other dangers.

"God forbid this happens, all hell will [break loose]," he said.

In his conversation with Bloomberg TV, Sharif said that Pakistan recently signed a deal with IMF under "very tough" conditions, including taxes on petroleum and electricity.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media

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