‘Pakistan to soon secure funds from Saudi Arabia, UAE’

ISLAMABAD: Minister of State for Finance and Revenue Senator Aisha Ghaus Pasha has asserted that Pakistan would also secure funds from Saudi Arabia and the United Arab Emirates (UAE) soon following China’s help in ‘dire time’, ARY News reported on Wednesday.

The state minister made these remarks during the Senate Finance Committee’s meeting, which met under the chairmanship of Senator Saleem Madviwala, to discuss the International Monetary Fund (IMF) programme.

Aisha Ghaus Pasha noted that the incumbent government was facing an ‘unusual situation’ in regaining the International Monetary Fund’s (IMF) trust, adding that several difficult decisions were taken for the revival of programme.

However, she said, there was nothing to worry about as Pakistan will soon unlock the loan tranche following assurances to the Fund from friendly countries.

“We need the cooperation of friendly countries,” she said, adding that the government was in constant contact with countries and progress will be made soon.

The state minister further said that China has always helped Pakistan in dire times, while the country would also secure funds from Saudi Arabia and the United Arab Emirates (UAE) soon.

Referring to petrol subsidy announced by government, Pasha said the petrol subsidy has not been completely designed as of yet. She noted that once the scheme is put down on paper, the IMF would be informed about it.

“The subsidy on petrol is still a proposal,” the state minister said, adding that its framework is yet to be finalised. She added that the IMF has pressed Pakistan to provide targeted subsidies.

Written assurance

Earlier in March, it was reported that the International Monetary Fund (IMF) tabled another condition for the revival of $7 billion Extended Fund Facility (EFF), seeking ‘written assurance’ of financing from friendly countries to Pakistan by June 30.

Sources told ARY News that IMF has sought a written assurance of financing to Pakistan from friendly countries, including Saudi Arabia, Qatar and the United Arab Emirates (UAE) by June 30.

Sources within finance ministry claimed that the written assurance must be provided by the executive directors of the respective friendly countries at the International Monetary Fund (IMF).