April 16, 2024
2 mins read

Pak delegation in US to negotiate fresh loan with IMF

The Finance Minister was greeted at the airport by Pakistan’s Ambassador to the United States, Masood Khan, and Embassy staff….reports Asian Lite News

A delegation from Pakistan, headed by Finance Minister Muhammad Aurangzeb, has arrived in Washington, DC, to take part in the World Bank and International Monetary Fund’s spring meetings, ARY News reported on Monday.

The Pakistani delegation consists of the Governor of the State Bank of Pakistan, the Secretary of Finance, the Additional Secretary, and other individuals.

The Finance Minister was greeted at the airport by Pakistan’s Ambassador to the United States, Masood Khan, and Embassy staff.

Pakistan-IMF talks hit roadblock again.(photo:IN)

During his stay in US, the Finance Minister will meet IMF and World Bank officials.

Citing sources, ARY News reported that the negotiations between Pakistan and the IMF are scheduled for next week.

According to sources, Islamabad will request the IMF for a new loan programme.

Last month, Pakistan and the IMF came to a staff-level agreement over the third and final review of the USD 3 billion standby arrangement.

Should the board of the global lender approve this deal, Pakistan will get approximately USD 1.1 billion.

Although a specific date has not been determined, the IMF board is anticipated to evaluate the case in late April.

Meanwhile, Mohammad Al-Qahtani, CEO of Saudi Arabia Holding Company, stated that Pakistan and Saudi Arabia have accelerated the implementation of a massive USD 5 billion investment plan, Geo News reported.

Following the visit of Prime Minister Shehbaz Sharif to Saudi Arabia and his meeting with Crown Prince Mohammed Bin Salman, the two countries agreed to expedite the implementation of a massive investment plan worth USD 5 billion.

The agreements included increasing the Saudi deposits in the State Bank of Pakistan from USD 3 billion to USD 5 billion and injecting investments into a new oil refinery and copper mines.

Moreover, these steps are part of a broader agreement that was reached previously, where Saudi Arabia is in talks to invest USD 21 billion in Pakistan.

This includes establishing a copper mine at USD 7 billion and an oil refinery at USD 14 billion.

The investments come at a time when Pakistan is crippled by severe economic crisis, high inflation rates and a shortage of foreign currency.

ALSO READ: The Baloch people are alienated: Today so are the Pashtuns in Pakistan

Previous Story

Indian team to head to UK to resolve FTA issues

Next Story

Salman Khan’s Being Strong, Danube Dubai to take fitness to next level

Latest from -Top News

UK-Kenya defence partnership deepened

Defence Secretary met with Agnes Wanjiru’s family to offer condolences, fulfilling his commitment and making him the first UK Minister to meet with them In a historic and emotionally charged visit to

South Africa hosts virtual meeting of G20 Sherpas

During the meeting, Zane Dangor spoke about the importance of continuing to work with multilateral institutions, including the United Nations, to address global challenges South Africa hosted the second virtual meeting of

WFP warns as Sudan war enters third year

The civil war began on April 15, 2023, amid a power struggle between the Sudanese army and the leader of a powerful rival militia called the Rapid Support Forces The conflict, which
Go toTop

Don't Miss

159 Hindu pilgrims in Pak to visit Karak temple

Pakistan Tehreek-e-Insaf (PTI)’s Ramesh Kumar Vankwani received the pilgrims at

Amarnath Ghosh Death: India Takes Up Case ‘Strongly’ With US

A series of attacks beginning this year has put the