Pakistan should seek to suspend international debt repayments and restructure loans after devastating floods triggered a humanitarian emergency and imperilled the country’s finances, a UN policy memorandum has argued.
The draft paper from the UN Development Programme, seen by the Financial Times, proposes that Pakistan negotiate debt relief with creditors to “stem the climate-change-fuelled crisis”.
Pakistan’s largest creditors include Chinese lenders, to whom Islamabad owes more than $30bn accumulated through Beijing’s Belt and Road Initiative, along with countries such as Japan and France, the World Bank and commercial bondholders.
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