The Pakistani government has approached Saudi Arabia and United Arab Emirates (UAE) to meet International Monetary Fund (IMF) conditions.
According to reports, officials from the Prime Minister’s Office and Finance Ministry have contacted those from Saudi Arabia and the United Arab Emirates, but thus yet no response has been received.
The IMF has required that the government of Pakistan obtain a formal guarantee for deposits from friendly countries.
According to sources, Saudi Arabia and the UAE asked for extra time to reassure the IMF about the deposit but have not yet done so.
The government will inform the IMF officials when the friendly countries respond to the request. After the assurance, the IMF will hold a virtual meeting with Pakistani officials, sources added.
IMF bailout package not linked to elections in Pakistan: Esther
All other issues relating to the bailout package have reportedly been resolved with the IMF, according to sources in the finance ministry.
The IMF rescue plan is not connected to elections in Pakistan, according to Esther Pérez Ruiz, a local representative for the organisation.
Esther underlined that there were no conditions attached to the loan initiative for Pakistan being revived. “Through a loan program, we cannot impede Pakistan’s constitutional process.”
The IMF representative explained to local media the targets established by the global lander at the overall level of the federal and provincial governments, adding that there was fiscal room in the goals to reallocate or reevaluate spending priorities and/or raise additional funds to carry out constitutional activities.