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SLUG: 2-301794 Pakistan / U-S Loan (L-O)
DATE:
NOTE NUMBER:

DATE=4/05/03

TYPE=CORRESPONDENT REPORT

NUMBER=2-301794

TITLE=PAK / U-S LOAN (L-ONLY)

BYLINE=AYAZ GUL

DATELINE=ISLAMABAD

CONTENT=

VOICED AT:

INTRO: The United States has formally forgiven one- billion dollars worth of loans to Pakistan, a reward for Pakistan's cooperation in the global war against terrorism. Ayaz Gul reports from Islamabad.

TEXT: The U-S ambassador in Islamabad, Nancy Powell, and senior Pakistani officials signed a formal agreement on Saturday, writing off one-billion dollars in Pakistani debt. The relief represents nearly one-third of what Pakistan owes to the United States.

Speaking to reporters after the signing, Ambassador Powell said the decision to cancel the debt was made during President Pervez Musharraf's visit last year to Washington.

/// POWELL ACT ///

Today's signing represents a promise kept and another milestone in our expanding partnership. I want to stress that this forgiveness of one-billion dollars in official debt is just one piece of a multi-faceted, multi-billion dollar assistance package the U-S is providing to Pakistan.

/// END ACT ///

Ms. Powell says the debt relief is a sign of renewed friendship between the two countries.

/// POWELL ACT 2 ///

The new relationship between the United States and Pakistan is not just about September 11th (2001). It is about the rebirth of a long term partnership between our countries.

/// END ACT ///

Relations between Pakistan and the United States were strained before the September 11th (2001) terrorist attacks in New York and Washington. This was mainly due to Pakistan's strong support for the Taleban government in neighboring Afghanistan, which was harboring Osama bin Laden and his al-Qaida terrorist network.

Relations between Islamabad and Washington improved after Pakistan abandoned the Taleban and decided instead to back the U-S led effort to rid Afghanistan of both the Taleban and the al-Qaida bases.

Officials here say the United States has given three-billion dollars in aid to Pakistan since the war on terrorism was launched 18 months ago. (SIGNED)

NEB/HK/AG/BK/RH



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