Pakistan and Italy today agreed to further extend the timeline of the Pak-Italian debt for Development Swap Agreement (PIDSA), till 30th June 2020, through exchange of Letter (EoL), for the successful implementation of all the PIDSA operations including cancellation of the remaining debt amount. Pak-Italian debt for Development Swap Agreement (PIDSA) was signed between the Government of Italian Republic and the Government of the Islamic Republic of Pakistan on 4th November 2006. The Agreement meant for implementation of the development projects in the areas of Agriculture, Health, Education, Environment, Basic Infrastructure, Rural Development, Micro Credit and Poverty Alleviation. Under, the Agreement, US $26.52 million & Euro 58.74 million equivalent to Rs.8.27 billion of Pakistan’s debt owed to Italy was to be swapped for expenditure on selected development projects. The Management Committee (MC) of PIDSA is the highest decision making forum for the implementation of PIDSA programme. Assisted by the Technical Support Unit (TSU), so far, a total of 35 projects have been completed, 10 projects are ongoing, 4 projects are still to be undertaken. To date, the Government of the Italian Republic has cancelled debt amounting to Rs.6.41 billion (78%) over the total debt swap amount of Rs. 8.27 billion. ***** ?
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