Sunday, May 19, 2024

Prime Minister Lauds COAS for Helping Secure Financing from Friendly Countries

One of the final requirements established by the International Monetary Fund (IMF) to unlock a $6.5 billion credit line was the acquisition of financial pledges from friendly nations. Prime Minister Shahbaz Sharif has praised Chief of Army Staff (COAS) General Asim Munir’s efforts in this regard.

Following the announcement by Finance Minister Ishaq Dar that the United Arab Emirates had provided the IMF with a guarantee for a $1 billion loan to Islamabad, the prime minister made his speech a few days later. According to the finance ministry, Saudi Arabia has previously provided guarantees for a $2 billion loan.

Before releasing bailout funds, PM Shehbaz stated that the Fund requires friendly nations to complete their external finance commitments. Since then, various nations, including Saudi Arabia, China, and the United Arab Emirates, have committed to assisting Pakistan in funding its balance of payments.

The prime minister also praised the contributions made to the proceedings’ success by the ministers of finance and foreign affairs, Ishaq Dar and Bilawal Bhutto Zardari.

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