Islamabad (Shadesofgalaxy Newspaper Latest. 12/08/2022) Japan has accepted Pakistan’s demand for the return of loans, after which the total amount of Japan’s loans to Pakistan has reached 730 million dollars. According to the statement, Japan has extended the second deadline for approval of requests for cancellation of loans given to Pakistan. According to media reports, the governments of Japan and Pakistan have agreed to suspend loans worth $160 million under the third and final phase of the G20 debt relief plan.
In a statement issued by the Japanese Embassy in Pakistan, it is said that the total amount of loans given to Pakistan in this regard has reached 730 million dollars. The debt servicing plan will provide the government of Pakistan with financial flexibility to recover from the coronavirus crisis, pandemic and flood-hit economy.
The two governments had earlier agreed to defer payments of $370 million in April 2021 and $200 million in October 2021 under the suspension of services initiative.
Apart from the loan waiver, the Japanese government has also decided to provide $7 million in emergency aid to Pakistan after the country has been hit by devastating floods since mid-June. Infrastructure such as roads, tunnels, power plants and irrigation networks, water and sewage. Luggage
On the other hand, according to Express News, Pakistan has asked Saudi Arabia to provide $3 billion immediately as its foreign exchange reserves have reached extremely low levels. Finance Minister Ishaq Dar had demanded three billion dollars in a meeting with the Saudi ambassador yesterday. Federal Minister for Finance and Excise Muhammad Ishaq Dar met Saudi Ambassador to Pakistan Nawaf bin Saeed Al Malik at the Ministry of Finance.
In the meeting, attention was also focused on the Saudi representative on the upcoming visit of Army Chief of Staff General Asim Munir to Saudi Arabia. The new military administration was also involved in securing Saudi Arabia. Saudi aid is urgently needed as the country’s exchange rate has fallen below $7 billion for the first time since January 2019. Current reserves are approximately $6.7 billion as against $6.6 billion on January 18, 2019. According to the sources, the tax reserves for three months in January to March will be 6.7 billion dollars. Not enough to cover $8.8 billion in debt and interest.
