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Pakistan signs $ 32.367 million rescheduling agreement with Norway

ISLAMABAD (December 03 2002) : Pakistan and Norway have signed $ 32.367 million rescheduling agreement spanning over a repayment period of 23 years including a grace period of 5 years at the interest rate of six months LIBOR for US dollar and NOK (Norway's currency 'krone') plus a margin of 0.50 percent per annum.

In pursuance of the Paris Club Agreed Minutes of December 13, 2001, negotiations were held between the government of Pakistan and the government of Norway on the consolidation and rescheduling of the bilateral debt.

In this regard an agreement has been signed in Islamabad on December 2, 2002. Under the agreement non-ODA outstanding debt amounting to US dollar 27.008 million and NOK-48.186 million (equivalent to US dollar 5.359 million) totalling US dollar 32.367 million has been rescheduled and is to be repaid in 23 years including a grace period of 5 years at the interest rate of six months LIBOR for US dollar and NOC plus a margin of 0.50 percent per annum.

The agreement was signed by Dr Waqar Masood Khan, Secretary, Economic Affairs, on behalf of the Government of Pakistan and by Tore Toreng, Ambassador of Norway in Islamabad, on behalf of the Government of Norway.

This is the 8th bilateral agreement on rescheduling arrangements under Paris Club Agreed Minute of December 13, 2001 which has been signed with the Paris Club Creditors. The other agreements concluded are with Finland, United States of America, Canada (EDC&CWB), Austria, Spain, Germany and Netherlands (non-ODA debt only).

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