Rates in the northern emirates are nearly half the cost of plans in Dubai and Abu Dhabi
health5 hours ago
Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country's financial crisis, the Financial Times reported on Friday, citing a UN policy memo.
The memorandum, which the UN Development Programme (UNDP) will share with Pakistan's government this week, states that the country's creditors should consider debt relief, so that policymakers can prioritise financing its disaster response over loan repayment, the newspaper said.
Pakistan has earlier estimated the damage at $30 billion, and both the government and UN Secretary-General Antonio Guterres have blamed the flooding on climate change.
The memo further proposed debt restructuring or swaps, where creditors would let go of repayments, in exchange for Pakistan agreeing to invest in climate change-resilient infrastructure, FT said.
Floods have affected 33 million Pakistanis, inflicted billions of dollars in damage, and killed over 1,500 people, creating concern that Pakistan will not meet debts.
ALSO READ:
Rates in the northern emirates are nearly half the cost of plans in Dubai and Abu Dhabi
health5 hours ago
A meal with a Burj Khalifa view? Absolutely
restaurant reviews5 hours ago
Twin-to-Twin Transfusion Syndrome is a condition where one baby receives too much blood while the other gets too little
health5 hours ago
Palm West beachside outlet at Palm Jumeirah has three bars
lifestyle5 hours ago
The company’s portfolio is led by CBB-120 for a range of solid tumour cancers
business6 hours ago
Bejjani addressed the evolving landscape of corporate sustainability at Sharjah Asset Management forum
business6 hours ago
Since its inception, ASK KUBEIR has assisted over 10,000 clients
business6 hours ago
Fourteen teams battled it out at Yas Links, with Indian cricket legend Yuvraj Singh making a strong impression
sports6 hours ago