Pakistan to receive $2bn from Saudi Arabia: IMF confirms

MG News | April 06, 2023 at 10:50 AM GMT+05:00

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April 06, 2023 (MLN): The International Monetary Fund (IMF) on Thursday confirmed that Saudi Arabia has provided confirmation of $2 billion in extra deposits to Pakistan, raising expectations of a prompt signing of the deal.

Since January, the government has been in talks with the IMF to secure the release of $1.1 billion from a $6.5bn bailout package agreed in 2019.

To unlock the funds, the government has reduced subsidies, abolished an artificial limit on the exchange rate, imposed taxes, and increased fuel costs.

Nonetheless, the agreement has been postponed due to commitments from friendly countries to provide further financial assistance.

The upcoming inflows will help foreign exchange reserves to shore up.

At this point, the UAE's confirmation of a $1bn deposit is eagerly awaited, as it is anticipated to facilitate the conclusion of the staff-level agreement (SLA) with the IMF, and attention is now focused on this development.

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