Islamabad, March 03, 2022, SPA -- The Saudi Fund for Development (SFD) signed today in Pakistan a bilateral agreement with the Undersecretary of the Ministry of Economic Affairs Mian Asad Hayauddin on behalf of the Pakistani Government, to postpone and reschedule the debts owed by Pakistan to the Fund, for development projects, in the presence of the Kingdom's Ambassador to Pakistan Nawaf bin Saeed Al-Maliki and senior officials from both sides. This agreement comes in accordance with the G20 initiative, announcement during KSA’s presidency for the year 2020, regarding the postponement of debts owed by the least developed and poorest countries, which aimed to stimulate countries to take advantage of the financial space to increase social, health and economic spending to face the repercussions of the Corona pandemic. More than 33 developing countries around the world have benefited from the initiative to postpone the debts due from the soft loans financed by the SFD. Meanwhile, the SFD delegation met during its visit to Pakistan with Pakistani Minister of Economic Affairs Omar Ayub Khan, during which the two sides discussed the progress of the development projects financed by the Fund in Pakistan. These projects come within the Fund's support for various development sectors that contribute to promoting sustainable growth and achieving development goals. The total projects that the Fund contributes to financing through loans and grants in Pakistan amount to around SR5 billion to enhance social and economic development and achieve sustainability. --SPA 21:39 LOCAL TIME 18:39 GMT 0032 www.spa.gov.sa/w1700635