Pak may get debt relief amid floods; UN memo 'calls for suspension of repayment' | Key Details

Pakistan may get a huge relief from the repayment of its international debt. According to a report in The Financial Times, a UNDP policy memo has called for a suspension of international debt repayments for Islamabad. A UN memorandum states that Pakistan's creditors should consider debt relief so that the country can prioritise financing its flood response, as per the report. Pakistan, whose external debts total about $100 billion, was struggling to repay loans even before the unprecedented floods. The recent disaster has magnified Pakistan's challenges, affecting more than 30 million people and causing an estimated $30 billion in damage. Watch this report in full detail.