Saudi Arabia signals two billion funding on IMF demand: sources

ISLAMABAD: The government sources have reported key development in US dollar three billion financing demand made by the IMF from Pakistan for bailout package, ARY News reported on Wednesday.

The Kingdom of Saudi Arabia has given green signal for dollar two billion funding, the finance ministry sources said.

Minister of Finance before his US visit on April 10, will also contact the UAE leadership, sources said.

The Pakistani government had approached Saudi Arabia and the United Arab Emirates (UAE) to meet the conditions of the International Monetary Fund (IMF).

The Prime Minister’s Office and Finance Ministry officials had contacted the Saudi Arabian and UAE officials to meet the IMF demand.

The IMF had demanded of Pakistani government to get a written guarantee from the friendly countries for the deposit.

Sources earlier said that Saudi Arabia and UAE had sought some time to assure the IMF regarding the deposit.

“The IMF also have objection over annual 900 billion rupees subsidies,” sources at finance ministry said.

The global lender also insisting on its demand for collection of 850 billion rupees petroleum levy and addressing shortfall of the petroleum levy and taxes, sources added.