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Once again, Pakistan is looking toward Saudi Arabia for vital financial assistance to secure the International Monetary Fund’s (IMF) fresh loan program to stave off a balance of payments crisis. The Shehbaz Sharif-led coalition government has requested the Kingdom to enhance its lending by about $1.2 billion from the existing $5 billion portfolio to help bridge the external financing gap.
Saudi Arabia has always responded positively to all of Pakistan’s requirements, including financial and diplomatic, at all levels.
Islamabad now looks toward three friendly partners – Saudi Arabia, UAE and China – for $12bn loan rollovers to secure the IMF loan. The re-profiling or rollover of this $12bn is a prerequisite set by the IMF under the $7bn Extended Fund Facility.
Pakistan has now requested an additional $1.2bn from Riyadh, which is expected to come in the form of a bilateral commercial loan, though it could also be in the form of a safe deposit.
Pakistan and........© Arab News Pakistan