Belgium has signed a Memorandum of Understanding (MoU) with Pakistan and Asian Development Bank (ADB) for the immediate cancellation of about Euro 30 million Official Development Assistance (ODA) debt owed by Pakistan. According to the agreement, the government will transfer the equivalent funds based on net present value into ADB's Pakistan Earthquake Fund (PEF). Economic Affairs Division Secretary Akram Malik, Belgium Ambassador in Islamabad Michel Goffin and ADB Country Director in Pakistan Peter Fedon signed a trilateral MoU on a debt for development swap, said an official statement. The MoU has been signed as follow up of the bilateral agreement inked in Belgium by Miss Hina Rabbani Khar, Minister of State for Economic Affairs, on January 29, 2007 during Prime Minister Shaukat Aziz s visit to Brussels. According to the trilateral MoU on debt for development funds from the swap shall be channelled through the Pakistan Earthquake Fund (PEF) established by ADB.
