Pakistan bailout not on IMF executive board schedule till Sept 04

ISLAMABAD: The IMF Executive Board’s schedule of meetings up to September 04 has been issued with Pakistan’s name not included in it.

Pakistan’s finance ministry has been hopeful for securing approval for the $7 billion bailout package from the International Monetary Fund (IMF).

“The government is actively working to secure a rollover of $12 billion loans from China, Saudi Arabia, and the United Arab Emirates (UAE),” sources said.

“Pakistan has reportedly requested another $1.2 billion loan from Saudi Arabia to cover $2 billion financing gap,” according to sources.

Pakistan already holds $5 billion in cash deposits from Saudi Arabia, $4 billion from China, and $3 billion from the UAE.

Moreover, Pakistan has an additional commercial debt of $4.5 billion, including obligations to China, sources at the ministry of finance said.