Pakistan got assurances from China, Saudi Arabia and UAE to extend loan period
07 August, 2024 10:59
There has been significant progress on the issue of approval of the $7 billion loan program between Pakistan and the IMF.
According to the Ministry of Finance, Pakistan has received assurances from China, Saudi Arabia and UAE to extend the loan period, while the IMF has also been informed about the assurances of the three countries.
The finance minister said that China, Saudi Arabia and UAE have assured one year extension of the loan period and this rollover will be for three years but will be renewed every year.
According to him, the friendly countries have to pay $12 billion of bilateral loans this year, of which Pakistan owes $5 billion to Saudi Arabia, $4 billion to China and $3 billion to the United Arab Emirates.
The minister further said that Pakistan is also determined to meet the financing gap of three to five billion dollars in 3 years. Pakistan has also requested loan relief from China for power plants.
Mohammad Aurangzeb said that the meeting of the Executive Board of the IMF is expected at the end of this month, in which the Fund’s Board will give the final approval to the loan program of $7 billion covering 37 months for Pakistan.
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