ISLAMABAD -UNS: Pakistan moved one step closer to the revival of the crucial bailout package of the International Monetary Fund (IMF) as Saudi Arabia has provided assurance for $2 billion in additional deposits to the global lender.
The IMF has informed the Pakistani authorities about the confirmation, one of the major demands for resuming the loan deal stalled since last year.
Pakistan’s loan programme is yet to materialize months after it imposed additional taxes and increased energy prices and allowed free floating of currency to meet conditions laid forth by the IMF. The nation has missed multiple deadlines to revive the deal. The Washington-based lender has asked the cash-strapped Pakistan to seek commitments for new loans from Saudi Arabia and the United Arab Emirates (UAE) before it releases the funds.
Reports said the Kingdom is yet to make an official announcement in this regard. It is expected that the Saudi government would announce the new loans for Pakistan during upcoming visit of Prime Minister Shehbaz Sharif.
Pakistan is now looking towards the UAE to secure another $1 billion deposit in order to reach the staff-level agreement (SLA) with the IMF.
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