NEW YORK: Pakistan Ambassador at the United Nations Munir Akram called for an extension in the freeze in official debt service payments by the developing countries beyond June to help those nations recover from the economic impacts of the pandemic. In April last, Prime Minister Imran Khan became the first leader to call for urgent debt relief for poorer nations. The suspension, extensively covered in international media, brought some “breathing space” to the developing countries. In his remarks, Akram stressed that several possible mechanisms for debt relief and restructuring including debt deferral, debt buyout, and debt swaps — which have been identified — should be implemented, with the participation of private creditors. “The IMF now has ample ‘firepower’ to expand its emergency and recovery support to the developing countries,” Akram said, adding the multilateral development banks, especially the World Bank, were also in a position to expand their emergency lending.

Source: Pakistan Today March 30, 2021 10:18 UTC