Pakistan IMF Deal: Pakistan’s pleading worked, this Muslim country is ready to help… Will the way to deal with IMF be clear? – saudi arabia signals ready to help pakistan in economic crisis eyes on uae to reach accord with imf
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Top official sources confirmed to Pakistani newspaper The News on Wednesday that the IMF has informed Pakistani authorities that they have received confirmation from Saudi Arabia on the additional $2 billion. That being said, IMF staff seem largely satisfied with the latest confirmation. Now the high officials of Saudi Arabia are ready for a public announcement which is likely to be made during the upcoming visit of Pakistani Prime Minister Shehbaz Sharif to Saudi Arabia.
Saudi ambassador gave hints
Saudi Arabia’s ambassador to Pakistan also indicated during a recent interview that his country has always supported Pakistan in dire situations and ‘Inshallah, good news will come soon’. According to the report, sources said that now all eyes are focused on the confirmation of the UAE giving an amount of one billion dollars, which could pave the way for a staff-level agreement with the IMF. However, there is still a hurdle in the way of signing the agreement with the IMF.
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Subsidy becoming a hindrance in the agreement
The petroleum ministry, in consultation with the Prime Minister’s Office, had announced a cross-fuel subsidy for owners of motorcycles and cars up to 800 cc. Government of Pakistan has to end it but it has not been withdrawn yet. The World Bank has warned in one of its reports that Pakistan urgently needs foreign debt to avoid public debt crisis. The report estimates that about four million Pakistanis will fall into poverty in the current financial year.
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