Pakistan and Italy reached an agreement to extend the timeline of the Pakistan-Italian Debt Swap Agreement (PIDSA) through the Exchange of Letters (EoL).Andreas Ferrarese, the Italian Ambassador in Pakistan and Secretary, Ministry of Economic Affairs, signed the EoL and extended the timeline of the PIDSA up to 31st December 2024 on the same procedures, modalities, terms, and conditions as defined in the signed Agreement dated November 4, 2006, between Pakistan and Italy.
During the extension period, the remaining activities of PIDSA will be completed i.e., the remaining debt will be canceled, completion of ongoing PIDSA projects, handing/taking over of assets, impact evaluation of the PIDSA Program, and final report of the PIDSA Programme.
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The Government of Pakistan and the Government of Italy have signed an agreement for Development Swap, on November 4, 2006, which came into force in 2009.
Approximately $100 million ($26.52 million & Euro 58.74 million) of Pakistan’s debt owed to Italy, equivalent to Rs. 8.276 billion, is to be exchanged for expenditure on development projects throughout the country in Health, Education, Agriculture, and Environment, Micro Credit Schemes, Poverty Alleviation, Rural Development, and Infrastructure.
The Management Committee (MC) of the Pakistan Italian Debt Swap Agreement (PIDSA) is the highest decision-making body, co-chaired by H.E. the Italian Ambassador and Secretary Ministry of Economic Affairs, as well as representatives from the Federal and Provincial Governments. PIDSA has approved and supported 48 projects to date.
The Secretary of the Ministry of Economic Affairs expressed gratitude to the Government of the Republic of Italy for providing help under the Debt Swap Agreement and other Technical help, and emphasised the importance of further strengthening bilateral ties between the two nations.
