Total Cases
3864
Coronavirus in Pakistan
PUNJAB 1,918 BALUCHISTAN 202 Deaths 54
SINDH 932 ISLAMABAD 83
KP 500 AJK/GB 229 Recovered 429

IMF, World Bank Call for Suspending Debt Payments by Poorest Nations

TheRealKing

MPA (400+ posts)


The World Bank and the International Monetary Fund on Wednesday urged official bilateral creditors to provide immediate debt relief to the world’s poorest countries as they grapple with severe consequences of the rapidly spreading coronavirus.

In a joint statement, the institutions called on official bilateral creditors to immediately suspend debt payments from International Development Association (IDA) countries, if requested. Those nations, home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty, will be hardest hit by the pandemic, they said.

“This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak and allow time for an assessment of the crisis impact and financing needs for each country,” the IMF and the World Bank said.
Most of the 76 countries receiving IDA support have gross national income per capita of below $1,175, a threshold that is updated annually.

‘Highly indebted states have limited policy space’

The World Bank and the IMF said suspending debt payments, consistent with national laws of the creditor countries, would provide “a global sense of relief for developing countries” and send a strong signal to financial markets.

They urged the world’s 20 largest economies (G20) to support their call for action.

Pakistan’s public debt stood at 85% of gross domestic product (GDP) or Rs31.8 trillion at the end of last fiscal year. In terms of the size of national economy, the public debt is projected at 83% of GDP by the end of current fiscal year.

Similarly, Pakistan’s gross official foreign currency reserves held by the central bank are also highly dependent on hot foreign money. In the past almost five months, foreign investors had invested $3.4 billion in government securities.

However, after local and international markets reacted nervously to the situation arising out of the surge in coronavirus contagion, so far foreign investors have withdrawn $1.74 billion worth of hot foreign money or more than half of their total investment, according to the State Bank of Pakistan (SBP).

Pakistan puts currency printing press on high alert

G20 leaders are due to hold a virtual summit on Thursday to discuss an action plan to deal with the worsening pandemic.

The new coronavirus, which originated in China in December, has infected over 438,000 people around the globe and killed more than 19,000, according to a Johns Hopkins University tally.

The World Bank and the IMF invited G20 leaders to assess the crisis impact and financial needs for each of the IDA countries, including identifying those with unsustainable debt situations, and to prepare a proposal for comprehensive action by official bilateral creditors.

They said they would seek endorsement of the proposal at the combined spring meetings of the WB and the IMF next month.

 
Advertisement
Last edited by a moderator:

Salazar67

Minister (2k+ posts)


The World Bank and the International Monetary Fund on Wednesday urged official bilateral creditors to provide immediate debt relief to the world’s poorest countries as they grapple with severe consequences of the rapidly spreading coronavirus.

In a joint statement, the institutions called on official bilateral creditors to immediately suspend debt payments from International Development Association (IDA) countries, if requested. Those nations, home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty, will be hardest hit by the pandemic, they said.

“This will help with IDA countries’ immediate liquidity needs to tackle challenges posed by the coronavirus outbreak and allow time for an assessment of the crisis impact and financing needs for each country,” the IMF and the World Bank said.
Most of the 76 countries receiving IDA support have gross national income per capita of below $1,175, a threshold that is updated annually.

‘Highly indebted states have limited policy space’

The World Bank and the IMF said suspending debt payments, consistent with national laws of the creditor countries, would provide “a global sense of relief for developing countries” and send a strong signal to financial markets.

They urged the world’s 20 largest economies (G20) to support their call for action.

Pakistan’s public debt stood at 85% of gross domestic product (GDP) or Rs31.8 trillion at the end of last fiscal year. In terms of the size of national economy, the public debt is projected at 83% of GDP by the end of current fiscal year.

Similarly, Pakistan’s gross official foreign currency reserves held by the central bank are also highly dependent on hot foreign money. In the past almost five months, foreign investors had invested $3.4 billion in government securities.

However, after local and international markets reacted nervously to the situation arising out of the surge in coronavirus contagion, so far foreign investors have withdrawn $1.74 billion worth of hot foreign money or more than half of their total investment, according to the State Bank of Pakistan (SBP).

Pakistan puts currency printing press on high alert

G20 leaders are due to hold a virtual summit on Thursday to discuss an action plan to deal with the worsening pandemic.

The new coronavirus, which originated in China in December, has infected over 438,000 people around the globe and killed more than 19,000, according to a Johns Hopkins University tally.

The World Bank and the IMF invited G20 leaders to assess the crisis impact and financial needs for each of the IDA countries, including identifying those with unsustainable debt situations, and to prepare a proposal for comprehensive action by official bilateral creditors.

They said they would seek endorsement of the proposal at the combined spring meetings of the WB and the IMF next month.

Wow.. Really?

Bank of Satan turning kind to mankind? Another ploy by INTERNATIONAL MURDER FUND TO FOOL MANKIND.

THE TRIBE OF LUCIFER KNOWS JUDGEMENT APPROACHES, SCUM OF THE EARTH WILL BE SCOOPED BY LORD'S ONE MIGHTY SWEEP.
 

Umer Inam

Councller (250+ posts)
وزیراعظم نے بلاول اور شہباز شریف کی تقریر کیوں نہ سنی؟
کیا فوج شہباز شریف سے یہ کروا رہی ہے؟
صحافیوں نے بدتمیزی کس کے کہنے پر کی؟
 

Ratan

Minister (2k+ posts)
A visionary thinks like that: Prime Minister Imran Khan asked the IMF for a debt waiver for developing countries amid Corona crisis early in March, and this development just came in ...
Agreed....That is the main criteria of a true Statesman...which IK is definitely is.
 

Ratan

Minister (2k+ posts)
Asma Sherazi the classic PMLN...stooge....shamelessly defending her Master Noora & his thug family month after month.
She is a Crude example of Yellow Journalism & Lifafa culture.


She sold herself to Maulana Diesel during Diesel's "Rent a Dharna" in Islamabad.
An Immoral woman.
 
Sponsored Link

Latest Blogs Featured Discussion اردوخبریں