The International Monetary Fund has accepted $8.2b financing gap plan presented by the Ministry of Finance.
“Pakistan’s external financing target has now been set between the finance ministry and the IMF thus setting aside threat of default looming over the country,” ministry sources said, reports a news channel.
The lender has given its nod to the $8.2billion financing gap of the country, that will be filled with funding from the IMF, World Bank and the Asian Development Bank apart of financing from China, Saudi Arabia, the UAE and other friendly countries.
According to the finance ministry’s plan $3.5b financing will be arranged from China this year, $2b from Saudi Arabia and one billion dollars from the UAE, sources shared.
Moreover, under the financing plan $500m funds will be received from the ADB, another 500m dollars from the World Bank and three billion US dollars will be received from the IMF under the standby agreement.
