AVN 66.75 Decreased By ▼ -0.63 (-0.93%)
BOP 9.80 Decreased By ▼ -0.10 (-1.01%)
CHCC 125.00 Decreased By ▼ -3.50 (-2.72%)
DCL 10.98 Decreased By ▼ -0.32 (-2.83%)
DGKC 106.76 Decreased By ▼ -4.94 (-4.42%)
EFERT 61.60 Decreased By ▼ -0.08 (-0.13%)
EPCL 43.50 Decreased By ▼ -1.10 (-2.47%)
FCCL 20.56 Decreased By ▼ -0.56 (-2.65%)
FFL 16.95 Decreased By ▼ -0.82 (-4.61%)
HASCOL 22.07 Decreased By ▼ -0.03 (-0.14%)
HBL 131.51 Decreased By ▼ -2.05 (-1.53%)
HUBC 82.40 Decreased By ▼ -0.12 (-0.15%)
HUMNL 7.85 Decreased By ▼ -0.23 (-2.85%)
JSCL 28.70 Decreased By ▼ -1.52 (-5.03%)
KAPCO 27.60 Decreased By ▼ -0.44 (-1.57%)
KEL 4.27 Increased By ▲ 0.03 (0.71%)
LOTCHEM 12.45 Decreased By ▼ -0.17 (-1.35%)
MLCF 37.84 Decreased By ▼ -1.91 (-4.81%)
OGDC 105.40 Decreased By ▼ -0.05 (-0.05%)
PAEL 36.09 Decreased By ▼ -1.20 (-3.22%)
PIBTL 13.18 Decreased By ▼ -0.40 (-2.94%)
PIOC 93.80 Decreased By ▼ -4.29 (-4.37%)
POWER 9.24 Decreased By ▼ -0.40 (-4.15%)
PPL 93.23 Decreased By ▼ -0.80 (-0.85%)
PSO 204.27 Decreased By ▼ -3.58 (-1.72%)
SNGP 63.35 Decreased By ▼ -1.02 (-1.58%)
STPL 13.95 Decreased By ▼ -0.25 (-1.76%)
TRG 54.74 Decreased By ▼ -0.66 (-1.19%)
UNITY 17.94 Decreased By ▼ -0.44 (-2.39%)
WTL 1.18 Decreased By ▼ -0.03 (-2.48%)
BR100 4,230 Decreased By ▼ -103.92 (-2.4%)
BR30 21,469 Decreased By ▼ -532.45 (-2.42%)
KSE100 40,802 Decreased By ▼ -899.63 (-2.16%)
KSE30 17,283 Decreased By ▼ -322.76 (-1.83%)
COVID-19 TOTAL DAILY
CASES 310,841 566
DEATHS 6,466 9
Business

Abu Dhabi Fund suspends debt service repayments for Pakistan

  • "The sole objective behind the decision is to help them weather the economic fallout of the COVID-19 pandemic," ADFD.
13 Jul 2020

Abu Dhabi Fund for Development, ADFD, has decided to suspend debt service repayments during 2020 for eligible countries, as well as individual businesses, in the developing world upon request for forbearance.

"The sole objective behind the decision is to help them weather the economic fallout of the COVID-19 pandemic," ADFD said in a statement, quoted WAM. It is pertinent to inform that the fund provides financial assistance to companies in the UAE and to developing countries, which has included Pakistan, Egypt, Sudan and Ethiopia.

As per details, the initiative over the payment of installments and interests that covers the period from January 1 to December 31, 2020 will be implemented by ADFD in accordance with the national law and internal procedures.

"At a time when the world is reeling under the effect of the pandemic that has affected every area – from economy and society to health and education – it is imperative for us to support particularly those that need it most, especially the low-income countries. The initiative is so crucial to ensure their financial stability and that they steadily follow the path to growth and sustainable economic development," said Mohammed Saif Al Suwaidi, Director General of the Fund.

The move is part of G20 plan, launched by the World Bank, to help the developing countries to meet their financing needs, to alleviate their debt burdens and to effectively address the impact of the COVID-19 pandemic on the region and beyond.