Pakistan News Desk!! Pakistan has claimed that it has received a nod from Saudi Arabia for an additional loan that could help break the deadlock with the International Monetary Fund (IMF). “We have got an indication of getting something from Saudi Arabia,” Dr Ayesha Pasha, Minister of State for Finance, after attending a parliamentary committee meeting, said without elaborating on the loan amount, The Express Tribune reported. He also informed the Senate Standing Committee on Finance that there has been some progress on deposits from a friendly country the day before, and that we will soon be signing a staff-level agreement with the IMF. IMF has asked Pakistan to arrange an additional loan of $6 billion and at least half of them should be completed before the board meeting. The Express Tribune reported that the money is needed to avoid a sovereign default and to increase foreign exchange reserves to a level sufficient for 1.7 months of imports.
Pakistan had told the IMF that it would get an additional loan of $2 billion from Saudi Arabia and $1 billion from the United Arab Emirates to meet additional financial needs. UAE Ambassador Hamad Obaid Ibrahim Salim Al-Zaabi also met Finance Minister Ishaq Dar. Dar highlighted various measures in which both the countries can adopt their existing trade and investment ties. Citing sources, The Express Tribune reported that the IMF is looking to arrange $3 billion through a combination of bilateral and commercial loans.
–IANS
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