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Monday 2 December 2019

Pakistan to Repay Debt on USSR Operations

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MOSCOW (TASS) — Russia and Pakistan signed an agreement on settlement of mutual financial claims and commitments on operations of the former Soviet Union, whereby Pakistan will repay the debt of $93.5 mln to Russia, TASS reports on Monday from the signing ceremony.

The document was inked by Russia’s Deputy Finance Minister Sergei Storchak and Ambassador of Pakistan to Russia Qazi Khalilullah.

Funds will be credited within 90 days from the effective date of the agreement.

According to the Russian Finance Ministry, export and import operations on supplies of various products were carried out in the 1980s between the USSR and Pakistan. Countries had outstanding commitments on repayments of funds from accounts of Russia’s VEB.RF with the National Bank of Pakistan. These funds were earlier received to settle the debt of Pakistan but were later blocked in the absence of agreements on settlements of counter-claims related to settlements within the framework of export-import operations of the former USSR.

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