United Nation urged international creditors to consider suspending loan repayments for Pakistan. United Nation urges international creditors to consider suspending loan repayments fo

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 United Nation urged international creditors to consider suspending loan repayments for Pakistan.  United Nation urges international creditors to consider suspending loan repayments fo


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United Nation

United Nation has urged international creditors to consider deferring debt repayments to Pakistan. According to a report by Sama TV, the Financial Times cited a United Nations policy memorandum to say that the country can prioritize disaster response over debt repayment. The United Nations Development Program (UNDP) is expected to share a memorandum with the government of Pakistan this week. As reported by Sama TV, the United Nations in its memorandum has said that Pakistan should suspend international debt repayments and restructure debt with creditors after the country’s financial crisis escalated after the recent floods. .

UN expresses concern over floods in Pakistan

During his visit to Pakistan earlier this month, UN Secretary-General Antonio Guterres said that Pakistan has faced unprecedented floods and its losses amounted to more than 30 billion. Both the Pakistan government and Guterres have blamed climate change for a ‘monsoon on steroids’ that triggered devastating floods in the country.

Pakistan PM appeals for debt relief from rich countries

In an interview with Bloomberg TV that aired on Friday, Prime Minister Shahbaz Sharif also made an urgent appeal to wealthy countries for debt relief as devastating floods from climate change displaced millions in the country. According to the Geo News report, Sharif made an urgent appeal to rich countries for relief in repayment of debt, reminding them that the country is bearing the brunt of environmental damage. According to Sharif, there is a yawning gap between what Pakistan is asking for and what is available, warning that the nation faces an imminent threat of a pandemic and other threats. In a conversation with Bloomberg TV, Sharif said that Pakistan has recently signed an agreement with the IMF under very tough conditions, including taxes on petroleum and electricity.

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