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$72.5 million Swiss debt rescheduled

ISLAMABAD (December 20 2002) : The Government of Swiss Confederation consolidated and rescheduled ODA-debt amounting to CHF 23.931 million (equivalent to $14.9 million) and non-ODA debt amounting to CHF 92.611 million (equivalent to $57.6 million) totalling $72.5 million has been rescheduled.

An agreement has been signed in Islamabad on December 19, 2002. The ODA rescheduled debt is to be repaid in 38 years, including a grace period of 15 years at interest rate of 2.5 percent per annum while the non-ODA debt is to be repaid in 23 years, including a grace period of five years at interest rate of six months LIBOR for CHF plus a margin of 0.50 percent per annum.

In pursuance of the Paris Club Agreed Minute of December 12, 2001, the negotiations were held between the government of Islamic Republic of Pakistan and the government of Swiss Confederation on consolidation and rescheduling of the bilateral debt.

The agreement was signed by Economic Affairs Secretary Dr Waqar Masood Khan, on behalf of the government of Pakistan and by Christian Dunant, ambassador, Switzerland in Islamabad, on behalf of the Swiss government.

This is the eleventh bilateral agreement on rescheduling arrangements under the Paris Club Agreed Minute of December 13, 2001, which has been signed with the Paris Club Creditors.

The other agreements have been concluded with Finland, United States of America, Canada (EDC&CWB), Austria, Spain, Germany, Netherlands (non-ODA debt only), Norway, France and Denmark.

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