G-20 Countries Suspend Repayment of $3.7 Billion Loan by Pakistan

The G-20 countries have suspended the repayment of $3.7 billion loan by Pakistan till the end of the current year. This comes as a major relief to Pakistan amid the devastating impact that the COVID-19 pandemic has had on the economic activities in the country. ALSO READ FBR Needs Rs. 2.4 Billion Under World Bank’s Revenue Increasing Program This announcement was made after a meeting of the federal cabinet, which met with Prime Minister Imran Khan in the chair. “The suspension of the loan, which was liable to be repaid instantly, is good news for the national economy,” Federal Information Minister, Fawad Chaudhry, said at a post-cabinet meeting media briefing. The cabinet has also decided that a third party would monitor and evaluate the projects under the Public Sector Development Program (PSDP). “The initiative is aimed at sensitizing the public about the utilization of funds, ensuring execution of the PSDP projects in true letter and spirit, and bringing transparency to the system,” the minister added. The introduction of a national digital cable policy is also approved by the cabinet, which will move cable channels from the existing analog to a digital mode, and will assist in improving transparency in the ratings. The minister said that this would also allow for the addition of new channels, such as those related to science, technology, and history. ALSO READ Senate Committee Demands Changes in Public Sector Development Budget “Cable operators will have the right to buy content while youth will be able to sell their content to them,” which will help create a new content industry, he said. The National Command and Operation Centre (NCOC) might announce the reopening of cinemas from June 30, considering the reduction in COVID-19 positivity in the country.