Pakistani PM Imran Khan warns MORE people in developing countries will starve under coronavirus lockdowns than will be killed by the disease as he urges western governments to waive debt repayments
Pakistan has appealed to international stakeholders for urgent debt relief for developing countries so they can deal more effectively with the economic fallout from the coronavirus pandemic, the government said on Sunday.
The country has recorded 5,183 infections, with 88 deaths, and its already-struggling economy has been hit hard by nationwide preventive lockdowns.
They have brought economic activity to a halt and caused widespread unemployment.
Prime Minister Imran Khan, in a video message released by the foreign office, said he was worried people in the developing world would die due to the lockdowns.
Khan said: 'Pakistan with a population of 220million, so far the best stimulus package we can afford is $8billion.'
He added highly indebted countries lack fiscal space to spend on health and social support.
Pakistan, which is over $100billion in debt to foreign lenders and spends the largest chunk of its budget on debt servicing, last week began a $900million cash disbursement programme to 12million poor families unemployed due to lockdowns.
Khan said he appealed to world leaders, the heads of financial institutions and the secretary-general of the United Nations to announce a debt relief initiative for developing countries.
Pakistan will receive $1.4billion from the International Monetary Fund (IMF) as part of organisation's Rapid Financing Instrument to help finance the country's response to the virus.
It is also currently in the first year of a three-year $6billion IMF programme to help its ailing economy.