Thursday, May 30, 2024

Pakistan to ‘Seek’ Rollover of $12 Billion Loan from Friendly Countries

According to reports from the finance ministry, Pakistan is planning to seek an extension on a $12 billion loan from friendly nations to manage its financial needs for the fiscal year 2024-25.

The breakdown of the requested extension includes $5 billion from Saudi Arabia, $4 billion from China, and $3 billion from the United Arab Emirates. This step aims to address a total external financing requirement of Rs23 billion for the upcoming fiscal year.

Additionally, the budget includes provisions for acquiring new financing from institutions like the World Bank and the Asian Development Bank.

In another update, it was mentioned on May 2 that the Pakistani government is working to finalize budget targets for the fiscal year 2024-25 before the scheduled visit of an International Monetary Fund (IMF) mission to Islamabad on May 15.

The IMF mission’s visit is part of discussions regarding a new loan program that Pakistan is seeking to meet its financial needs. To expedite the process, the Ministry of Finance has instructed relevant ministries to swiftly complete the target-setting process.

Related Articles

Latest Articles