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The Silicon Review Asia

The UN said Flood-hit Pakistan should suspend debt repayments

 The UN said Flood-hit Pakistan should suspend debt repayments

After the recent flood added to Pakistan’s financial crisis, the UN said that the country should suspend international debt repayments and restructure loans with creditors.

This week, the memorandum, which the UN Development Program will share with the Pakistani government states that the creditors of the country should consider debt relief. This memorandum was made so that the policymakers can prioritize financing its disaster response over a loan repayment.

Pakistan has estimated the damage at $30 billion.  The government of Pakistan as well as U.N. Secretary-General Antonio Guterres blamed climate change for the flood. The UN memo further proposed debt swaps or restructuring, if Pakistan agreed to invest in climate change-resilient infrastructure then creditors would let go of repayments.

Floods have affected about 33 million Pakistanis and killed over 1,500 of them. It inflicted billions of dollars in damage which created concern that Pakistan will not meet its debts.

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