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Pakistan is not seeking debt relief from commercial creditors -finance minister

Pakistan is not seeking debt relief from commercial creditors -finance minister

FILE PHOTO: Miftah Ismail, Pakistan's Federal Minister for Finance and Revenue, speaks during an interview with Reuters in Islamabad, Pakistan, September 18, 2022. REUTERS/Salahuddin

Pakistan's finance minister said on Friday the government was not seeking any relief from commercial banks or Eurobond creditors, after destructive flooding prompted the South Asian nation to seek debt relief from bilateral lenders.

"Given the climate-induced disaster in Pakistan, we are seeking debt relief from bilateral Paris Club creditors," finance minister Miftah Ismail said in a Tweet.

"We are neither seeking, nor do we need, any relief from commercial banks or Eurobond creditors."

Pakistan's bonds slumped to just half their face value on Friday after the Financial Times said a United Nations development agency was urging the cash-strapped country to restructure its debt.

Source: Reuters

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