United States Ambassador to Pakistan Nancy Powell (right) shakes hand with Pakistani Finance Minister Shaukat Aziz, after signing an agreement on consolidation of debt in Islamabad. - Image Credit: Gulf News Archives

2002 - The United States signed a deal in Islamabad for the consolidation and restructuring of $3 billion (Dh11 billion) in debt owed by Pakistan, a key ally in its war against terror. The debt agreement came two days after Pakistani president General Pervez Musharraf made constitutional changes that critics said threatened the South Asian nation’s return to democratic rule. US President George W. Bush praised Musharraf as a stalwart ally in the war on terrorism. The debt covered in the deal is the US portion of $12.5 billion of bilateral debt the Paris Club group of donors agreed to reschedule after Pakistan abandoned its support for the former Taliban regime in Afghanistan. The agreement was signed by US Ambassador to Pakistan Nancy Powell and Pakistani Finance Minister Shaukat Aziz.

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