ISLAMABAD, July 3: The Canadian government would shortly be approving the conversion of Canadian dollar (CD)447 million debt into social sector funding to help Pakistan, said Canada’s Minister for International Cooperation, Ms Susan Whelan, here on Wednesday.

In addition, she said, her country would also provide CD15.4 million for improving lives of Pakistani women and provide quality basic education to Afghan refugee children in the country.

Speaking at a joint news conference with Finance Minister Shaukat Aziz, she said debt swap of CD447 million, out of the total of CD550 million Canadian debt, would allow much needed social development programme to take place in Pakistan.

“Canada is looking forward for the resolution of debt issue as it will help the people of Pakistan,” she added.

On the occasion, the finance minister said institutional mechanism has been evolved for debt swap by bilateral donors and other international donor agencies.

“And for this purpose the government has decided to set up a permanent social sector development facility (SSDF), the objective of which is to enhance funding for social sectors,” he said.

Aziz further said he would be heading the new organisation comprising members from donor agencies as well as the civil society.