WASHINGTON: Pakistan’s Finance Minister Dr. Mubashir Hasan said here that indications were that the Consortium countries had agreed in principle to allow the rescheduling of foreign debts for the next 30 years with a 2.5 per cent rate of interest. The Minister was talking to foreign and Pakistani journalists after his meetings with the US Secretaries of Treasury and Commerce. …

Replying to a question, he said a grace period of 10 years would also be allowed but he said he did not know what was the actual position. … Asked if this arrangement suited Pakistan Dr Hasan said “we need more generous terms” because only that much burden should be put on Pakistan’s economy which it could bear. He said Pakistan has committed to repay foreign debts for which concerted reports were being made to step-up economic production and exports. …

He [said] that Pakistan owed four billion dollars out of which one third was Bangladesh’s responsibility. … Asked if the disputes over Bangladesh’s debts had been resolved, the Minister said to some extent the problem had been overcome. The socialist and non-Consortium countries have already relieved Pakistan of that liability. Published in Dawn, April 26th, 2024