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ISLAMABAD: Following the postponement of a loan agreement with the International Monetary Fund (IMF), Pakistan has become active in seeking ‘financial assistance’ from friendly countries to stabilize the deteriorating economy.
Pakistan is seeking $2 billion each from China and Saudi Arabia, with talks underway for $1 billion from the United Arab Emirates according to finance ministry sources.
They also stated that China will deposit $80 billion with the State Bank of Pakistan within the next few days.
It should be noted that Pakistan has been working hard to restart the IMF’s stalled loan programme, but the international lender is delaying the staff-level agreement with Islamabad despite taking tough decisions.
Finance Minister Ishaq Dar previously stated that the details of the staff-level agreement with the International Monetary Fund (IMF) would be made public.
Speaking before the Senate Committee of the Whole, the minister stated that once the staff agreement is signed, it will be posted on the Finance Ministry’s website and nothing will be hidden.
According to the minister, the Pakistan Tehreek-e-Insaf regime signed an agreement with the IMF in 2019.