Daily Times

Senate Standing Committee on Interior Chairman Senator A Rehman Malik on Thursday submitted a resolution in the Senate Secretariat to debate in the House that the government should utilise the force majeure law to write-off the foreign debts. The resolution submitted by Senator A. Rehman Malik in the Senate of Pakistan states “This House may discuss that the Government to invoke the force majeure law for write-off the foreign debts of Pakistan from IMF, World Bank and USAID and other International financial institutions due to coronavirus outbreak. It adds “Pandemic COVID19 is adversely affecting our economy by drying out our local revenue generation, almost stopped remittances and hence Pakistan will be unable to make the repayments and retire heavy foreign loans. “Force Majeure Law” is the only option to be invoked in the given situation to sustain our economy, reads the resolution. Senator A. Rehman Malik with his Resolution has also attached the letter he has written to Prime Minister Imran Khan in which he has proposed him to invoke the force majeure law for the write-off of debts of IMF, World Bank, USAID and other international financial institutions.