Miftah Ismail, Pakistan’s Finance Minister, has stated that Pakistan will receive financial aid from the World Bank as well as $8 billion from some friendly countries once the deal with the International Monetary Fund (IMF) is finalized. He went on to say that some factors have contributed to the drop in PKR value.
The Finance Minister said that the rise in the dollar rate is caused by political instability and the international rise in USD rates. Imports decreased by 5.3 in March and reserves were $10.3 billion, he added.
Last month the import bill was $7.4 million and imports worth $2.6 were made in July which has improved the trade deficit, he said. The local currency has been under pressure due to the increasing imports, he added.
Miftah Ismail stated that the IMF deal is practically completed and that once the IMF transaction is carried out, other friendly countries will present adequate financial aid in the form of investment.
He went on to say that one particular friendly country has already pledged to supply $1.2 billion worth of oil products, while another has promised to pour $1 billion into the stock exchange.