Islamabad: Pakistan, which is facing a cash crunch, may enter into an agreement with Saudi Arabia to get additional aid of two billion dollars. According to government officials, this step will help Pakistan get a relief package from the International Monetary Fund (IMF), which it needs very much at this time.
In March, Pakistan urged Saudi Arabia to confirm the funds for settlement with the IMF. Pakistan had got permission from Riyadh to release the additional amount this month. Pakistan is getting this cooperation from Saudi Arabia at a very important time. The program signed with the IMF in 2019 will become inactive on June 30, 2023, and the program cannot be extended thereafter as per the laid down guidelines.
The condition of raising $ 3 billion from other countries for the help of $ 7 billion
IMF has put a condition in front of Pakistan that to get a relief package of seven billion dollars, it must first raise three billion dollars from other countries. A top official told The News International that the State Bank of Pakistan will enter into an agreement with the Saudi Fund for Development (SFD) soon after Eid for additional deposits of $2 billion. According to the report, the official said that Saudi Arabia has confirmed bilateral cooperation with the IMF.
