ISLAMABAD: Foreign Minister Shah Mahmood Qureshi on Thursday said about 76 developing countries including Pakistan would get debt relief from the 1st May initially for a period of one year.

In a statement regarding successful economic diplomacy of Pakistan, he pointed out that the Prime Minister Imran Khan’s appeal for debt relief and restructuring for developing countries was endorsed by the UN Secretary General, the International Monetary Fund and the G-20 countries at a meeting on Apr 15.

The foreign minister said Pakistan spent one third of its revenue on payment of debt and this debt relief would greatly benefit Pakistan.

Also Read: UN chief backs PM Imran’s call for global initiative for debt relief

Shah Mahmood Qureshi said the coronavirus had badly affected the developing economies including their exports and remittances. In this background, he said, PM Imran Khan had appealed to the UN Secretary General as well as world leaders and financial institutions to provide debt relief to the developing countries to help them better cope with the situation.

“This will enable the developing countries to divert their resources to the protection of lives of the people and make their health systems more effective to respond to the challenge,” he said.

G20 announces one-year debt relief for world’s poorest nations

The Group of 20 nations have announced a one-year debt relief for the world’s poorest nations as they struggle to financially cope with coronavirus pandemic.

In a communique following their virtual meeting, G-20 Finance Ministers and governors of central banks said they support a time-bound suspension of the debt service payments for the poorest countries that request forbearance.

The Group announced support for a temporary halt to debt payments by the world’s poorest nations amid Coronavirus pandemic.

The G-20 group also called on private creditors, working under the Institute of International Finance, to participate in the initiative that extends to world’s 76 poorest countries.