Pakistan has secured around $800 million worth of debt relief from 14 of the richest club members of G-20. The initiative was announced in April to fight against the repercussions of COVID-19.
As of now, 14 countries have endorsed deals with Pakistan within the last seven months. In addition to these 14 nations, two other countries have further approached to extend debt relief to Pakistan. According to the government sources, six members of G-20 like Japan, Russia, Saudi Arabia, United Arab Emirates and the United Kingdom have yet to sign deals with Pakistan at the end of next month
In the period of May-December 2020, Pakistan was expecting a total of $1.8 billion from G-20 members. An additional $1.47 billion principal loans in repayments and $323 million interest on the borrowed loans.
The Ministry of Economic Affairs estimated that Saudia Arabia would provide temporary relief of $613 million as well as: