Pakistan wins official debt deal

PAKISTAN - Pakistan yesterday secured an unprecedented debt restructuring deal from the Paris Club of official creditors in recognition of its economic reforms and its role in the war in Afghanistan.

The creditors agreed to restructure the entire stock of the country's $12.5bn sovereign debt, extending its maturity and granting a generous grace period during which no principal has to be repaid.

Two-thirds of the $12.5bn debt was rescheduled for 38 years from now with a grace period of 15 years.