Pakistan needs ‘huge sums of money’, not rescheduling: PM
Prime Minister Shehbaz Sharif has said Pakistan needed billions of dollars for rebuilding climate-resilient infrastructure in the aftermath of floods which left over 33 million people without shelter and inundated southern parts of the country. “We are not asking for any kind of measure [such as] a rescheduling or a moratorium,” PM Sharif was quoted by the Financial Times. “We are asking for additional funds,” the PM said in his remarks which contradicted his Finance Minister Ishaq Dar’s plan to seek rescheduling of loans. On Oct 15, Mr Dar said Pakistan would seek rescheduling of some $27 billion worth of non-Paris Club debt largely owed to China, but will not pursue haircuts as part of any restructuring. According to the Financial Times, PM Sharif said Islamabad was not trying to reschedule its external debt, worth about $130bn, but it did need “huge sums of money” for “mega undertakings” such as rebuilding roads, bridges, and other infrastructure.