Pakistan submits $8bn financing plan to IMF

MG News | July 07, 2023 at 11:36 AM GMT+05:00

0:00

July 07, 2023 (MLN): The Government of Pakistan has sent a financing plan of $8 billion to the International Monetary Fund (IMF), according to sources.

Accordingly, China will provide financing up to $3.5bn, underscoring China's commitment to deepening strong bilateral relations in the economic, trade, and financial sectors.

As part of their support, China will rollover safe deposits of $2bn, and reschedule $1.5bn of commercial banks.

China’s support during the last few months when the country is in difficult economic circumstances shows China’s commitment to deepening the relations between both countries.

In addition to China, Saudi Arabia, and UAE will contribute $2bn and $1bn respectively, while the Asian Development Bank (ADB) and the World Bank will contribute $500 million each.

Furthermore, the government intends to obtain $3bn through the IMF program, which was finally signed between the International Monetary Fund (IMF) and Pakistan on June 30.

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