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UPDATED: 09:39, March 26, 2006
Pakistan says Italy writes off 90 million dollars loan
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Pakistan said on Saturday that Italy has agreed to cancel its official debt of about 90 million U.S. dollars against the country's earthquake related rehabilitation and reconstruction expenditures.

The agreement was announced at the inaugural Session of Pakistan Italy Joint Economic Commission (JEC) in Rome, a Foreign Office statement said.

Under the agreement, to be officially ratified soon, the entire Italian loans will stand written off. Some other debts have already been canceled in the recent loan negotiations held in Rome in January this year, the statement said.

Source: Xinhua

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