Pakistan News Desk!!! According to informed sources, Pakistan has got approval for $2 billion funding from Saudi Arabia. This is a significant step towards reaching a staff-level agreement with the International Monetary Fund (IMF), reports The Express Tribune. The IMF has conditioned Pakistan to get $3 billion from other countries for its revival of the $6.5 billion bailout package. Apart from Saudi Arabia giving green signal to the provision of $2 billion to Pakistan, sources said Finance Minister Ishaq Dar will meet the UAE leadership before leaving for the US on April 10. The sources further said that the IMF is still pushing for its demand for further hike in the interest rate in line with inflation and is opposed to an annual subsidy of Rs 900 billion.
He said the IMF wanted Pakistan to collect PKR 850 billion in the form of Petroleum Development Levy (PDL). Sources said that the IMF is also seeking to reduce the import of petrol and diesel from Pakistan. The Express Tribune reported that the global lender had also sought to make up for the shortfall of PDL and taxes. Last month, the IMF said that Pakistan had made substantial progress towards meeting the policy commitments required to obtain the loan, which the country needs to avoid default. According to The Express Tribune, the international lender said Pakistan had more work to do before unlocking the $6.5 billion loan to avoid default, pressing the government to secure assurances from countries that have requested financing assistance. have promised. Esther Perez Ruiz, the IMF’s resident representative for Pakistan, said a staff-level agreement would take place after closing some remaining points.
World News Desk!!