Pakistan does not seek help from commercial banks and Eurobond creditors: Miftah – Business




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Pakistan not asking for help from commercial banks and Eurobond creditors: Miftah









ISLAMABAD (Dunya News) – Finance and Revenue Minister Miftah Ismail said on Friday that in the wake of the climate catastrophe, Pakistan is seeking debt relief only from bilateral Paris Club creditors, and not from commercial banks or Eurobond creditors.

“Given the climate-induced disaster in Pakistan, we are seeking debt relief from bilateral Paris Club creditors. We do not seek or need any help from commercial banks or Eurobond creditors,” he said in his tweet.

“We have a $1 billion obligation due in December which we will pay on time and in full,” he said, adding that the government had serviced all commercial debt and would continue to do so.

He said Pakistan’s Eurobond debt was only $8 billion until 2051, which was not a heavy burden. “A significant portion of our debt comes from friendly countries that have said they will roll over their deposits,” he added.

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