Russia writes off $57 mn Pak debt

Russia writes off $57 mn Pak debt
PRESS TRUST OF INDIA

MOSCOW, JANUARY 4: Russia has written off about one-third of the Pakistani debt following an agreement reached here last week, itar-tass news agency reported on Tuesday.

Pakistan owes Russia $ 175 million of which $ 57 million were written off, it reported.

Under the deal, Islamabad would begin repaying the remaining $ 118 million from December this year over a period of 18 years, Itar-Tass said.

Russia is the 12th member country of the Paris club with which Pakistan has so far managed to negotiate restructuring of its foreign debt to the tune of 3.3 billion dollars.