ISLAMABAD, Feb 24: Italy has rescheduled its $190.20 million debt owed by Pakistan under the Paris Club Agreed Minutes of Dec 2001.

The rescheduling agreement was signed here on Monday by Secretary Economic Division Dr Waqar Masood Khan and Italian Ambassador to Pakistan Gabriele de Ceglie.

Under the agreement the debt amounting to US$190.20 million has been rescheduled of which $20.35 million concerns to commercial credits and $169.85 relates to Official Development Association (ODA) credits.

The commercial debt will be repaid in 23 years, including a grace period of five years, at an appropriate market rate of interest while the Official Development Association debt will be repaid in 38 years, including a grace period of 15 years, at an interest rate of 1.5 per cent per annum.

This is the 14th bilateral agreement on rescheduling arrangements under the Paris Club Agreed Minutes.

The other agreements have been concluded with Belgium, Finland, the United States, Canada, Austria, Spain, Germany, Netherlands, Norway, France, Denmark, Switzerland and Sweden.