Statement by the Press Secretary/Director-General for Press and Public Relations, Ministry of Foreign Affairs, on the Paris Club Agreement concerning Debt Rescheduling for Pakistan

December 14, 2001

  1. On December 14 (local time: December 13) at the conference of creditor countries (Paris Club) held in Paris, Pakistan and the creditor countries reached an agreement on the rescheduling of Pakistan's public debt. Japan hopes that the agreement will improve the situation of Pakistan's external debts, promote an early economic recovery and further help to advance its economic reforms.

  2. Pakistan has been faced with enormous economic difficulties since the terrorist attacks in the U.S. on September 11, and it has asked creditor countries for debt relief. The agreement is the result of Japan's active contribution in the discussions at the Paris Club, one of the efforts pledged by Japan in the statement made by Mr. Yasuo Fukuda, Chief Cabinet Secretary, on November 16, as a major creditor country that holds approximately 40% of the claims on Pakistan among the Paris Club member countries. Japan intends to hold talks with Pakistan on the debt rescheduling, based on the Paris Club Agreement, and conclude a bilateral agreement at the earliest possible time.

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