Pakistan will not go for commercial loans’ refinancing, Shaikh tells ECC
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh stated unequivocally on Wednesday that Pakistan had no intention of seeking any kind of relief for repayment of its commercial loans or borrowings.
“Pakistan has the means and will to honor its commercial commitments,” the advisor said while chairing the meeting of Chairman Economic Coordination Committee (ECC) of the cabinet here.
The committee approved in principal to allow Economic Affairs Division (EAD) to sign Memorandum of Understanding (MOU) for availing the G-20 relief initiative. However, this would be subject to the approval of the Cabinet. Pakistan is required to enter into this MoU with all official bilateral creditors including Paris Club creditors to implement the debt relief initiative of G-20. – APP