ISLAMABAD: Pakistan Government has asked for convening of a special session of the World Bank’s Aid-to-Pakistan Consortium to discuss the immediate difficulties relating to servicing of foreign loans and the question of pressure on Pakistan’s balance of payment, official sources told APP today [May 1]. The June session will discuss Pakistan’s proposal to provide for a six-month moratorium on re-payment of foreign debts on the part of Pakistan. Discussions for convening a special session of the consortium in June are taking place between Economic Co-ordination and External Assistance Division and envoys of the Consortium countries.

If the June session takes place — for which officials said the response is “very good” — it is expected to be followed by the normal annual session in July, 1971 — for consideration of Pakistan’s aid needs for the development programme for 1970-1971. Pakistan Government, official sources said, has asked the envoys of the Consortium countries that it will be unable to pay the debt instalments during the months of May and June this year....

Published in Dawn, May 2nd, 2021