Pakistan is not asking for debt relief from commercial creditors – Finance Minister

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Pakistan’s finance minister said on Friday that the government did not seek relief from commercial banks or Eurobond creditors after devastating floods prompted the South Asian nation to seek debt relief from bilateral lenders.

“Given the climate-induced disaster in Pakistan, we are seeking debt relief from bilateral Paris Club creditors,” Finance Minister Miftah Ismail said in a tweet.

“We are not seeking, nor do we need, any relief from commercial banks or Eurobond creditors.”

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Pakistan’s bonds fell to just half their face value on Friday after the UKTN said a United Nations development agency was urging the struggling country to restructure its debt.

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