ISLAMABAD, Aug 15: Pakistan and South Korea on Saturday signed two agreements to reschedule $91.6 million and $402.5 million under the Paris Club arrangement (PC-II and PC-III).

The rescheduled ODA debt will be payable over 38 years, including 15 years grace period at the interest rate of 3.5 per cent per annum, while the non-ODA debt is payable in 23 years, including 5 years of grace period.

A third agreement was also signed between the government of Pakistan and Daewoo E&C Co, rescheduling the non-ODA debt of $96.8 million on the same terms as stated above.—APP