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

Pakistan’s Shadow War in Balochistan

At least 50 killed by Pakistan-backed death squads in Balochistan in April, says HRCB — toll expected to rise in May….reports Asian Lite News The Human Rights Council of Balochistan (HRCB) reported

Russia, Ukraine Resume Talks

The upcoming talks follow a significant hiatus in diplomatic engagement between the two nations, which have been locked in a brutal conflict since Russia’s invasion of Ukraine in February 2022 Russia and

UN Pays Tribute to Indian Soldiers

Thursday was observed as the 77th UN Peacekeepers Day, honouring the work of 61,353 peacekeepers, of whom 5,375 hailed from India….reports Asian Lite News Brigadier Amitabh Jha and Havildar Sanjay Singh, who

Modi’s New Warfare Playbook

Modi has upended the old playbook and India and Pakistan are entering dangerous new territory where nuclear deterrence is no longer a guarantee against conventional conflict…writes Collins Chong Yew Keat The India-Pakistan
Go toTop

Don't Miss

Who will succeed Bajwa to head Pakistan Army?

Now Imran Khan and his cohorts in Pakistan Tehrik- e-

TTP’s Evolution: A Looming Challenge for Pakistan

If the group continues the same trajectory, by the end