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Last updated: 23 Jan 03:00 AM Pakistan

Japan to Provide Debt Relief to Pakistan

ISLAMABAD, SEP 01 – Assuring all possible help and assistance to the government, Ambassador of Japan to Pakistan, Kuninori Matsuda said Tuesday that his country would provide debt relief to Pakistan to help economic stability.

In a call on meeting with Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here, the ambassador said that after the preliminary work on the debt relief initiative; Memorandum of Understanding (MoU) would be formally signed with Pakistan.

The Ambassador apprised that Japan intends to extend business relations with Pakistan and informed the advisor, according to press statement issued by the Finance Ministry.

He informed that Japan wishes to import mangoes, rice, fish and textile products from Pakistan and requested to make arrangements at the ports that could facilitate agri-product exports.

The Ambassador also expressed condolences on the loss of lives and property during the recent rains in Pakistan.

He offered to help Pakistan in this time of need and expressed hope that with the regional peace and stable political situation regional trade will flourish, offering better opportunities to Pakistan.

On the occasion, the Adviser said that Japan was a time tested friend of Pakistan and had always supported the country. He expressed confidence that Pakistan’s relationship with Japan would continue to become stronger with every passing day.

Shaikh apprised the Ambassador about the state of the economy during the past year and how the government had made efforts to mitigate the effects of the Covid-19 pandemic.

The Adviser said that before Covid-19 pandemic, our economy had started to move in the right direction.

We had been successful in increasing our tax revenues, controlling our current account deficit, have generated primary surplus, controlled our expenditures, put a ban on borrowing from central bank and had been successful in creating a conducive environment for exports.

He said he was very hopeful that Pakistan would regain stability and equilibrium as the number of active cases of Covid-19 are declining.

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