The Paris Club of Global lenders said on Friday that it will give Pakistan new grace period to service its debts so that it can focus its resources on fighting the Covid pandemic.

The club said in a statement that the Pakistan has been granted another extension in debt payment till December-2021, without disclosing the number.

The statement added that Pakistan “intends to use the resources freed up as a result of this initiative to increase spending to mitigate the impact of the COVID-19 crisis on health, economy and society.”
According to the International Monetary Fund, Pakistan has to pay a total of $ 11.5 billion to the Paris Club.

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