—File Photo

Foreign Minister Shah Mahmood Qureshi has said about seventy six developing countries including Pakistan will get debt relief from the 1st May initially for a period of one year.

In a statement on Thursday regarding successful economic diplomacy of Pakistan, he pointed out that the Prime Minister's appeal for debt relief and restructuring for developing countries was endorsed by the UN Secretary General, the International Monetary Fund and the G-20 countries at a meeting yesterday.

The Foreign Minister said Pakistan spends one third of its revenue on payment of debt and this debt relief will greatly benefit Pakistan.

Shah Mahmood Qureshi said the coronavirus has badly affected the developing economies including their exports and remittances. In this background, he said, the Prime Minister Prime Minister Imran Khan had appealed to the UN Secretary General as well as world leaders and financial institutions to provide debt relief to the developing countries to help them better cope with the situation. He said this will enable the developing countries to divert their resources to the protection of lives of the people and make their health systems more effective to respond to the challenge.