G-20 countries have suspended the repayment of USD 3.7 billion loans by Pakistan till the end of the year, amid the Covid-19 pandemic adversely affecting economic activities, it was announced after a meeting of the federal cabinet on Tuesday.

The cabinet decided that a third party would monitor and evaluate the projects under the Public Sector Development Program (PSDP).

The G-20 countries have approved the second part of Dalhart’s Group Seasonal Index (DGSI) under which they have suspended repayment by Pakistan of its USD 3.7 billion loan by end of the year, Tribune reported.

“The suspension of the loan, which was liable to be repaid instantly, is good news for the national economy,” Federal Information Minister Fawad Chaudhry said at a post-cabinet media briefing.

The cabinet has also decided to create a third-party mechanism to evaluate the utilization of funds on the projects to be executed in the Centre and provinces under the PSDP.

“The initiative is aimed at sensitizing the public about the utilization of funds, ensuring execution of the PSDP projects in true letter and spirit, and bringing transparency to the system,” the minister added.

The minister said the National Command and Operation Centre (NCOC) might announce the reopening of cinemas from June 30 considering the improvement in the Covid-19 positivity ratio in the country.

"Have spoken to the NCOC and [Federal Minister] Asad Umar has promised that cinemas will be reopened by June 30. However, a final decision will be made by the NCOC," he clarified.

(SAM)