‘All hell’ to break loose: Pak PM Shehbaz Sharif appeals for debt relief


Pakistan Prime Minister Shehbaz Sharif made an urgent appeal for debt relief from rich nations as catastrophic floods exacerbated by climate change displaced millions of people in the South Asian nation.


Pakistan has debt obligations in the next two months, he said in an interview with Bloomberg Television in New York, adding that his government had just signed an agreement with the International Monetary Fund with “very tough conditionalities” that include taxes on petroleum and electricity.


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.