Holland waives off $16 million of Pakistan's debt



29th October, 2001.

By Ahmed Mukhtar...

Holland has waived off $ 16 million, repayable by Pakistan in the next two years, in addition to the support it pledged on market access and enhancing future aid, Finance Minister Shaukat Aziz told a press briefing. The Netherlands has also assured Pakistan of its support in availing economic packages from IFIs, besides backing it in the Organisation for Economic Co-operation of Development (OECD).

This the visiting Holland Prime Minister, Wim Kok, told the Finance Minister in a meeting here on Saturday, in which Shaukat briefed him on economy and sought fiscal support.

The finance minister explained to the Netherlands Prime Minister that the government is facing a big debt challenge. He also briefed him on other economic indicators, programmes for reducing poverty and improving human development.

He also told the Netherlands Prime Minister that any fiscal space available would be employed in reducing poverty, improving human development and infrastructure projects. The allocation for Khushhal Pakistan would be augmented in addition to the health and education sectors.

Shaukat, in the press briefing, gave the details of his meeting in Paris where he met his French counterpart Laurent Fabius and discussed sustainable debt relief, revival of aid, including fiscal support.

The meeting was also attended by Governor State Bank, Dr Ishrat Hussein, and other officials.