Canada and Pakistan signed a debt swap deal that transformed the latter’s $392 million debt into aid for education and other anti-poverty programs. According to a statement from the Pakistani foreign ministry, Canadian International Development Agency vice president Hau Sing Tse and Khalid Saeed, the secretary at Pakistan’s economic affairs division formalized the agreement in Islamabad. The plan further calls for the creation of a joint committee comprising representatives from both governments to administer the expenditure plan for a teacher’s training program. This arrangement and previous deals with Italy and Germany have cut down Pakistan’s total overseas debt of $35.2 billion by $652 million.
Source: Canada Converts $392 Million Debt Owed by Pakistan to Aid (Bloomberg)
