Pakistan to repay $ 93.5 mln debt to Russia

Pakistan to repay $ 93.5 mln debt to Russia

Agency News

Moscow, Dec 3: Russia and Pakistan have signed an agreement to settle mutual financial claims and obligations on operations of the former Soviet Union, according to which Pakistan will repay the debt to Russia in the amount of $93.5 million.

On the part of Russia, the agreement was signed by Deputy Finance Minister Sergey Storchak, on the part of Pakistan, Ambassador Qazi Khalilullah. The debt repayment will reportedly enable Russia to invest about $ 8 million in different sectors in Pakistan, including, first of all, the energy and steel industry.

In the 1980s, the Soviet Union imported from Pakistan textile and other products, and opened two bank accounts in the National Bank of Pakistan (NBP) for these purposes. Due to the collapse of the Soviet Union, some Pakistani exporters remained unpaid for their goods. (UNI)