Today: 7 October 2025
30 March 2023
1 min read

Riyadh comes to rescue crisis-hit Pakistan once again

The IMF has asked Pakistan to arrange $6 billion in additional loans and at least half of those must be materialised before the board meeting….report Asian Lite News

Pakistan claimed that it received an indication from Saudi Arabia for additional loans that may help to break gridlock with the International Monetary Fund (IMF).

“We have received an indication from Saudi Arabia about getting something,” Dr Aisha Pasha, the Minister of State for Finance, said after attending a meeting of a parliamentary committee, without explaining the loan amount, The Express Tribune reported.

She also informed the Senate Standing Committee on Finance that some progress was made a day earlier on a friendly country deposit, saying, “we will soon reach the stage to sign the Staff-Level Agreement with the IMF”.

The IMF has asked Pakistan to arrange $6 billion in additional loans and at least half of those must be materialised before the board meeting.

The funds are needed to avoid sovereign default and also increasing the foreign exchange reserves to a level sufficient to back 1.7 months of imports, Express Tribune reported.

Pakistan had told the IMF that it would get $2 billion in additional loans from Saudi Arabia and $1 billion from the UAE to meet the additional financing requirements.

Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the UAE also called on Finance Minister Ishaq Dar.

Dar highlighted various avenues in which both countries could enhance their existing trade and investment relations.

Sources said the IMF wanted the $3 billion to be arranged from a combination of bilateral and commercial loans, The Express Tribune reported.

ALSO READ: Saudi Aramco to expand presence in China

Previous Story

EU envoys plant mangroves in Abu Dhabi

Next Story

Balochs hold anti-Pakistan protests in Germany, UK

Latest from -Top News

OCTOBER 7: Stop the Violence Now, Says Guterres

Guterres recalled that “the attackers brutally killed more than 1,250 Israelis and foreign nationals….reports Asian Lite News UN Secretary-General Antonio Guterres urged an immediate halt to the violence in Gaza, Israel, and

Piyush Goyal Heads to Doha for Trade Talks

During the visit, both sides are expected to discuss the proposed India–Qatar Free Trade Agreement (FTA)….reports Asian Lite News Union Commerce and Industry Minister Piyush Goyal will travel to Doha, Qatar, on

Hamas Heads to Egypt for Gaza Talks

The negotiation will focus on the details of enacting the first phase of the plan…reports Asian Lite News A delegation from the Palestinian group Hamas arrived in Egypt on Sunday ahead of

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with
Go toTop

Don't Miss

Thousands on streets in Gwadar as protests enter Day 17

Thousands of people, including women and children, continued protesting in

Pak spy chief wants no coverage in media

Ever since his appointment as the DG ISI, none of