March 30, 2023
1 min read

Riyadh comes to rescue crisis-hit Pakistan once again

The IMF has asked Pakistan to arrange $6 billion in additional loans and at least half of those must be materialised before the board meeting….report Asian Lite News

Pakistan claimed that it received an indication from Saudi Arabia for additional loans that may help to break gridlock with the International Monetary Fund (IMF).

“We have received an indication from Saudi Arabia about getting something,” Dr Aisha Pasha, the Minister of State for Finance, said after attending a meeting of a parliamentary committee, without explaining the loan amount, The Express Tribune reported.

She also informed the Senate Standing Committee on Finance that some progress was made a day earlier on a friendly country deposit, saying, “we will soon reach the stage to sign the Staff-Level Agreement with the IMF”.

The IMF has asked Pakistan to arrange $6 billion in additional loans and at least half of those must be materialised before the board meeting.

The funds are needed to avoid sovereign default and also increasing the foreign exchange reserves to a level sufficient to back 1.7 months of imports, Express Tribune reported.

Pakistan had told the IMF that it would get $2 billion in additional loans from Saudi Arabia and $1 billion from the UAE to meet the additional financing requirements.

Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the UAE also called on Finance Minister Ishaq Dar.

Dar highlighted various avenues in which both countries could enhance their existing trade and investment relations.

Sources said the IMF wanted the $3 billion to be arranged from a combination of bilateral and commercial loans, The Express Tribune reported.

ALSO READ: Saudi Aramco to expand presence in China

Previous Story

Karnataka goes to polls on May 10

Next Story

Balochs hold anti-Pakistan protests in Germany, UK

Latest from -Top News

India opens world’s highest rail bridge

Prime Minister Narendra Modi inaugurated the world’s highest railway bridge over the Chenab River in Jammu and Kashmir and flagged off the much-awaited Vande Bharat Express to Srinagar, marking a historic moment

Sisi, MBZ cement ties

UAE and Egypt bolster ties through high-level talks in Abu Dhabi and a landmark cardiac care initiative delivering lifesaving treatment to rural communities The United Arab Emirates and Egypt reaffirmed their strong

‘UAE leads global fight against plastic waste’

UAE accelerates its fight against plastic pollution with a bold single-use plastic ban and expanded environmental policies to safeguard natural ecosystems for future generations The United Arab Emirates continues to lead the

70,000 Gaza kids starve

WFP warned that any further escalation of conflict could paralyse relief operations altogether, deepening the plight of civilians—especially children, the elderly, and vulnerable groups As the humanitarian crisis in Gaza intensifies, the
Go toTop

Don't Miss

IJRAR Report Exposes Pak Shenanigans Over Kashmir

Terrorism as a state policy has never paid dividends anywhere

Pakistan Stock Exchange turns Asia’s 3rd worst performer

The petroleum refinery was the worst-hit sector in terms of