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'IMF indicates it has Saudi assurance of $2bn inflow to Pakistan'

  • Minister of State for Finance Aisha Ghaus Pasha says Saudi Arabia has assured IMF it will provide Pakistan with a $2bn loan
  • Says IMF agreement still depends on similar commitment from UAE
Published April 6, 2023

In a major boost to Pakistan, Saudi Arabia has assured the International Monetary Fund (IMF) it will provide a $2 billion loan to the South Asian country facing one of its worst economic crises in decades, said Minister of State for Finance Aisha Ghaus Pasha.

The international lender has indicated it has the assurance from the Pakistani ally, Pasha told reporters in Islamabad.

However, the IMF agreement still rests on a similar commitment from the United Arab Emirates for a $1 billion loan, added the minister.

Business Recorder reached out to the IMF, but it did not immediately respond to a request for a comment.

Last month, the international lender had said it needs to ensure financing assurances are in place in order to take “the next step with Pakistan”.

“Timely financial assistance from external partners will be critical to support the authorities’ policy efforts and ensure the successful completion of the review [with Pakistan],” Julie Kozack, the IMF’s Director of Strategic Communications, stated back then.

“Ensuring that there is sufficient financing to support the authorities is the paramount priority. A Staff Level Agreement (SLA) will follow once the few remaining points are closed,” she said.

Technical-level talks with IMF are over: Ishaq Dar

Following the development, Ghaus Pasha said the staff-level agreement on the 9th review was taking time because the IMF wants to independently verify commitments from friendly countries i.e. Saudi Arabia and the UAE.

Months of political and economic turmoil, worsened by crippling floods last year and record inflation, has put Pakistan among countries facing a debt crisis.

China agreed to refinance $2 billion, of which $1.7 billion has already been credited to Pakistan’s central bank. China last month also rolled over a $2 billion loan, providing relief during Pakistan’s acute balance of payments crisis.

But talks with the IMF for a delayed $1.1 billion loan tranche, part of the bailout agreed in 2019, have dragged on and foreign exchange reserves have fallen to less than four weeks of imports.

Comments

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TimeToMovveOn Apr 06, 2023 03:51pm
How long can a country survive like this. There is not going to be another loan like this, how will Pak make payments.
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Miannawazshit Apr 06, 2023 03:55pm
I hope that she is telling the truth and not following in the footsteps of that lying UK national called $ar.
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Ghazanfar Abbas Apr 06, 2023 04:22pm
Ghazanfar
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Rana Fazal Apr 06, 2023 04:29pm
Ok
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Tuluka lavada Apr 06, 2023 06:08pm
The IMF agreement will be signed in 2 days - Ishaq Dar Feb 2023
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Yogesh (India) Apr 06, 2023 07:35pm
Question is not Pakistan gets the money?? Problem is who will loot that money? Imran Bilawal ,Shahbaz or establishment??
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Miannawazshit Apr 06, 2023 08:02pm
@Yogesh (India), the entire coalition plus army guys
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Naved Apr 06, 2023 09:22pm
If all the money used for political shenanigans by all the parties were pooled in, trust me it would be more than a billion dollars
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Tulukan Mairandi Apr 06, 2023 10:05pm
Just wait till tomorrow when Saudi flatly denies it.
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Codifa Apr 06, 2023 10:07pm
@Miannawazshit, then who was looting the IMF money for last three years?? Blame game from peetians again and following the footsteps of ilzam khan??
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MUMTAZ AHMAD Apr 07, 2023 01:09am
Just through out dollar from your country everything willl be ok...Depend on your own currency
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KhanRA Apr 07, 2023 01:35am
This is what Dar and PDM have brought this country to.
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KhanRA Apr 07, 2023 01:36am
@Yogesh (India), why is it a question of “Or? All the people you’ve listed are dishonest idiots. Yes, even the Boots.
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Sharaf Khan Apr 07, 2023 09:55am
@Yogesh (India), there is no credible evidence of looting during 4 years of Imran rule. Infa tvreserve went up to 16 billions as well as payment for the loan, so do not just throw statements puting every one on the same basket.
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