ISLAMABAD, March 6: Canada and Britain have rescheduled their $298.2 million debts, owed by Pakistan, for 38 and 23 years, respectively.

Economic Affairs Division Secretary Waqar Masood Khan on Thursday signed agreements to this effect with the Canadian and British high commissioners to Pakistan.

EAD sources said that in pursuance of the Paris Club Agreed Minute of Dec 13, 2001, Canada’s debt amounting to US$285.3 million had been rescheduled which would now be repaid in 38 years, including a 15-year free-of-interest grace period. The loan was offered by the Canadian International Development Agency.

The other bilateral agreement was signed through exchange of notes with the UK for rescheduling the US$12.9 million debt. Of this, US$9.3 million is repayable within 23 years, including five years of grace period. And an amount of US$3.6 million being the deferred payment in respect of post-cut-off date loan (signed after Sept 30, 1997) is repayable in five years, including three-year grace period.

This is the 15th bilateral rescheduling agreement under the Paris Club Agreed Minute of Dec 13, 2001 which has been signed with the Paris Club creditors. Agreements have already been reached with Belgium, Finland, United States, Canada, Austria, Spain, Germany, Netherlands, Norway, France, Denmark, Switzerland, Sweden and Italy.