ISLAMABAD: The Pakistan Business Forum has sought clarification from the federal government on more than $10 billion pledges from the international community at the International Conference on Climate Resilient Pakistan in Geneva, ARY News reported on Wednesday.
In a statement, PBF vice president – Ahmad Jawad – asked the federal government how much was the loan and aid in $10 billion pledges and what was the timeline.
“It seems that Pakistan’s external debt will reach $140 billion in 2023”, Ahmad Jawad said, adding that for the next three years, the provision of loans will be around $25 billion annually.
The Business forum advised the government to consider rescheduling instead of piling up more debts. “It will be difficult for the country’s economic system to accept more terms of International Monetary Fund (IMF)”, it added.
It is pertinent to mention here that PM Shehbaz Sharif co-hosted an international conference on ‘Climate Resilient Pakistan’ in Geneva along with United Nations Secretary General Antonio Guterres.
The conference brought together governments, leaders from the public and private sectors and civil society to support the people and the government of Pakistan to deal with the enormous challenge of post-flood reconstruction and rehabilitation.
Pakistan secured over $10 billion in pledges from international financial institutions, donor agencies and development partners for the rehabilitation, recovery and reconstruction of flood-affected areas, during the International Conference.
The major pledges made at the conference, co-chaired by Pakistan and the United Nations in Geneva, Switzerland, included $4.2 billion from the Islamic Development Bank (IsDB), $2 billion from the World Bank, $1.5 billion from the Asian Development Bank (ADB), $1 billion from the Asian Infrastructure Investment Bank (AIIB) and $1 billion from Saudi Arabia, according to the state news agency.
