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PM wants world to consider writing off Pakistan’s debt....

CrazyZ

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Its worth asking. Iraq got most of its debts forgiven after the USA invasion...but most of those were to non USA lenders (Russia, China, India).
 

BATMAN

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Its worth asking. Iraq got most of its debts forgiven after the USA invasion...but most of those were to non USA lenders (Russia, China, India).
World it self is in trouble, managing their own borders and shutting down their cities and industry.

BTW, which world country he has in his mind or may i say in his opportunist head?
 

cloud4000

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Pakistan should seriously think about defaulting if it’s in such financial dire straits.
 

maithil

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What timing for such appeal. World economy is in dumps and he found this opportunity perfect to beg for loan write off.
 

BATMAN

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World countries are considering imposing state of emergency, some have even imposed emergency and he's dreaming for more power and more money.
 

BATMAN

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Worth a shot, even if China and Turkey may be the only ones responding.
China and Turkey make business with Pakistan.
Their loans are against ownership of built infrastructure, backed-up with interests on principal amount, revenues from the infrastructure, gains from capital growth and tax exemptions at multiple levels, with condition that this will continue until the end of times.
 

ali_raza

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imf has given relief already so not soo bad considering how much we owe
and if we miss a loan or two then we already making ground for it
good strategy
 

CrazyZ

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Coronavirus: World Bank asks G-20 to allow poorest countries to suspend bilateral credit dues
The World Bank President also said that countries need to move fast to boost health spending, strengthen social safety nets, support the private sector and counter financial-market disruption.
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Press Trust of India

Washington
March 24, 2020
UPDATED: March 24, 2020 11:26 IST


World Bank President David Malpass. (Photo: Reuters)

World Bank President David Malpass on Monday urged G-20 countries to let poorest countries suspend all repayments of official bilateral credit due to the adverse impact on their economies due to the coronavirus pandemic.

"These are difficult times for all, especially for the poorest and most vulnerable," he said in his telephonic address to G20 Finance Ministers on COVID-19.

"The first goal of the World Bank Group is to provide prompt support during the crisis, based on a country's needs. It's also vital to shorten the time to recovery and create confidence that the recovery can be strong," Malpass said.

Coronavirus crisis, he said, will likely hit hardest against the poorest and most vulnerable countries, those roughly 25 poorest countries drawing on International Development Association (IDA).

"Many were already in a difficult debt situation, leaving no space for appropriate health and economic response. We are ready to frontload IDA19 with up to USD 35 billion and identify additional resources. However, we cannot have IDA resources go to pay creditors," he said.

As such he made a call to action to G20.

"I urge all official bilateral creditors of the poorest countries to act with immediate effect to help IDA countries through debt relief, allowing the countries to concentrate their resources on fighting the pandemic," he said.

Working to provide a fast response, utilising all its available instruments, the World Bank President said that countries need to move fast to boost health spending, strengthen social safety nets, support the private sector and counter financial-market disruption.

"Countries will need to implement structural reforms to help shorten the time to recovery and create confidence that the recovery can be strong. For those countries that have excessive regulations, subsidies, licensing regimes, trade protection or litigiousness as obstacles, we will work with them to foster markets, choice and faster growth prospects during the recovery," he said.

Early this month, World Bank and International Finance Corporation (IFC) Boards approved a USD 14 billion package to respond to COVID-19.

Of that, the IFC is making USD 8 billion available in relatively fast-acting financial support for private companies, he said, adding that International Bank for Reconstruction and Development (IBRD) and the IDA will be making USD 6 billion available in the near term to support healthcare.

"The World Bank is currently restructuring existing projects in 23 countries, many of these through the use of contingent emergency response components," he said, adding that it is also preparing projects in 49 countries in a new fast-track facility, with decisions expected this week on as many as 16 country programmes.

Malpass said that the World Bank has identified a range of rapid procurement modalities leading to bulk purchases.

"And we are working together with other MDBs and the IMF to assess needs, implement the new system, and develop co-financing," he said.

"We are in dialogue with China among other key countries to obtain help with the rapid manufacture and delivery of many of these supplies and are grateful for their positive responses so far," Malpass added.

https://www.indiatoday.in/business/...pend-bilateral-credit-dues-1659000-2020-03-24

PMIK leads for the worlds poor. A suspension is better than nothing.
 

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