The agreement was signed by Japanese Ambassador to Pakistan Kuninori Matsuda and Secretary for Economic Affairs Noor Ahmed
Islamabad … News Time
Japan defaults Pakistan to Rs 367 million Pakistan and Japan agreed to defer a loan of 40 billion Japanese yen (about 370 million dollars) to help Pakistan cope with the difficult Corona virus. The move is in line with the G20 loan deferral agreement, which was agreed on April 15, 2020 and a Memorandum of Understanding was signed between Pakistan and its creditors on June 9, 2020. The signing ceremony was held in Islamabad and was signed by Japanese Ambassador to Pakistan Kuninori Matsuda and Secretary for Economic Affairs Noor Ahmed. The deferred loans were repaid from 1900 to 2010 for development works in Pakistan such as construction of roads, tunnels, power plants, irrigation, water supply, drainage, etc. The loan had very low interest rates as well as very favorable conditions for Pakistan, including a long-term concession and a reasonable repayment period.
On the occasion, Japanese Ambassador Kuninori Matsuda said that with the hope of stability in Afghanistan, I am sure that some of these projects will lead to connectivity between Pakistan, Afghanistan and Central Asia. Under this agreement, the schedule for payment of debts and interest due between May 1, 2020 and December 31, 2020 will be rescheduled after June 15, 2022. The global spread of COD-19 has had economic effects at every level and Pakistan has also been badly affected by the virus. Japan had provided direct assistance of 9.5 million dollars to Pakistan, while in collaboration with other countries, 7.4 million dollars have been provided assistance to prevent the spread of COD-19 and ensure early availability of other medical devices including diagnostic kits. The money was given. The Japanese Ambassador said that global solidarity on the medical and economic fronts is essential to fight the disease and the agreement we have signed with Pakistan today is a testament to Japan’s solidarity with Pakistan on the economic front.
