Pakistan to get $8 billion financial aid after IMF deal, says Miftah Ismail

Finance Minister Miftah Ismail has said Pakistan will get financial aid from World Bank as well as $8 billion from some friendly countries as soon as the deal with the International Monetary Fund (IMF) is finalized, ARY News reported. 

According to details, Miftah Ismail, addressing a press briefing on Wednesday, said that there are some factors that have contributed to the drop in PKR value.

The Finance Minister said that the rise in the dollar rate is caused by political instability and the international rise in USD rates. Imports decreased by 5.3 in March and reserves were $10.3 billion, he added.

He added that last month the import bill was $7.4 million and imports worth $2.6 were made in the month of July which has improved the trade deficit. The local currency has been under pressure due to the increasing imports, he added.

Miftah Ismail claimed that the IMF deal is almost finalized, World Bank and other friendly countries would provide the country with financial aid as soon as the IMF transaction is made.

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One friendly country would provide oil fanning worth $1.2 billion, while another country plans to invest $1 billion in the stock exchange, he added.