Economic crisis: Pakistan in talks with China, Saudi Arabia to secure $11 billion
Pakistan to fulfil its commitments under the IMF programme for the sake of economic continuity. In June, the IMF already agreed, in principle, to a nine-month Stand-by Arrangement worth about $3 billion with Pakistan. The finance minister also touched on the external financing gap.
Despite its current initiatives, Pakistan's financing needs surpass the available funding. The government is hopeful that combined efforts with stakeholders will attract project pipeline disbursements and resuscitate policy-based financing from multiple international bodies. Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! “To meet the external financing requirements, we are working to secure concessional funding from multilaterals (World Bank, Asian Development Bank, Islamic Development Bank) of $6.3bn," DAWN quoted the minister as saying.
Amid these financial arrangements, the finance minister sent out a cautionary note. She flagged the escalating international commodity prices, notably Brent crude oil, which surged to $95 per barrel this September, as a significant risk to Pakistan's external stability. The caretaker government isn't merely looking outward for financial relief.
It's focusing inward too, pushing for amendments in tax laws to include retail, agricultural, and real estate sectors effectively. A further ₹3 trillion is expected to be generated by resolving pending court cases. Read the complete report on DAWN."Exciting news! Mint is now on WhatsApp Channels
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