Pakistan to ‘seek’ rollover of $12bln loan from friendly countries

Pakistan Plans to Seek Rollover of $12 Billion Loan from Friendly Nations for FY2024-25 External Financing Needs.

According to sources within the finance ministry, Pakistan is expected to require Rs23 billion in external financing for the upcoming fiscal year 2024-25. In response, Islamabad has decided to pursue the rollover of a $12 billion loan from friendly countries such as Saudi Arabia, United Arab Emirates, and China.

The breakdown of the sought rollover includes $5 billion from Saudi Arabia, $4 billion from China, and $3 billion from the United Arab Emirates to address next year's external financing requirements.

Additionally, the budget allocation encompasses new financing from entities like the World Bank, Asian Development Bank, and other monetary institutions.

In related news, it was revealed on May 2nd that the Pakistan government intends to finalize budget targets for FY2024-25 prior to the arrival of an International Monetary Fund (IMF) mission in Islamabad.

Scheduled to land on May 15th, the IMF team's visit aims to discuss a fresh loan programme sought by Pakistan to address its financial requirements. The government has expedited preparations for the budget targets, with the Ministry of Finance instructing relevant ministries to swiftly complete their tasks.