According to Bloomberg, International Monetary Fund has sought assurance on Saudi funding to Pakistan
The IMF’s demand aims to ensure follow through on a $4 billion commitment to Pakistan.
Read more: Strategy evolved to level imports with exports and remittances: Miftah
Bloomberg further reported that the IMF doesn’t want a funding gap after its own loan disbursal.
Earlier on Wednesday, Minister Miftah Ismail 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 finalised.
Addressing a press briefing on Wednesday, he 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.
Read more: PM calls emergency meeting over economic crisis
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.
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.
