ISLAMABAD: Pakistan to ‘seek’ rollover of $12 billion loan from friendly countries to meet external financing for the FY2024-25, ARY News reported, citing finance ministry sources.
As per details, Pakistan will be needing Rs23 billion in external financing for the upcoming FY2024-25 and in this context, Islamabad has reportedly decided to seek rollover of $12 billion loan from friendly countries including Saudi Arabia, United Arab Emirates and China.
The details shared by sources within the finance ministry said rollover for $5 billion Saudi Arabia’s loan, $4 bln Chinese loan and $3 billion United Arab Emirates loan will be sought to meet the next year’s external financing needs.
The new financing from the World Bank, Asian Development Bank and other monetary institutions is also included in budget allocation.
Read more: Pakistan to ‘finalise’ FY2024-25 budget targets before IMF team arrival
Earlier on May 2, it emerged that the Pakistan government has decided to ‘finalise’ budget targets for FY2024-25 before the arrival of the International Monetary Fund (IMF) mission to Islamabad.
The IMF team is scheduled to arrive in Pakistan on May 15 for the talks on the fresh loan programme, being sought by the South Asian nation to address financial needs.
Sources say that the government has expedited preparations for the budget targets before the arrival of the IMF mission. In this regard, the Ministry of Finance has directed relevant ministries to complete targets expeditiously.
