Saudi Arabia has told the International Monetary Fund it will provide financing to Pakistan, Pakistani junior finance minister Aisha Ghaus Pasha said on Thursday, a critical step needed to secure IMF funding.
Saudi Arabia's $2 billion pledged in external financing support to Pakistan is one of the final conditions for an IMF deal that Islamabad needs to avert a default.
The IMF's resident representative did not immediately respond to a Reuters request for a comment. Saudi Arabia's finance ministry was not available for comment. The IMF has asked Pakistan to secure assurances on external financing from friendly countries and multilateral partners to fund its balance of payment gap for this fiscal year, which ends in June.since early February to negotiate a series of policy measures to secure $1.1 billion funding for the cash-strapped economy, which is on the verge of collapse.
The deal will also unlock other bilateral and multilateral financing avenues for Pakistan to shore up its foreign exchange reserves, which have fallen to four weeks worth of import cover, and help it steer out of a balance of payment crisis.
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