Sunday, July 14, 2024

Saudi Arabia Gives Green Signal for $2 Billion Funding

According to sources in the Ministry of Finance, Saudi Arabia has given the green signal for $ 2 billion funding, while the Finance Minister will also contact the top leadership of the UAE before leaving for the United States on April 10.

Significant progress has been made in financing $3 billion from friendly countries in line with the International Monetary Fund’s conditions for the debt recovery program.

Sources in the Ministry of Finance say that the IMF is demanding to reduce the import of petrol and diesel, the IMF has demanded to meet the shortfall of petroleum levy and taxes.

On the other hand, sources say that the IMF is firm on the demand for further increase in interest rate according to inflation, while there is still objection to the subsidy of Rs 900 billion annually. The IMF is firm on its demand to raise Rs850 billion in petroleum levy.

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