Cash-strapped Pakistan seeks confirmation from Saudi Arabia to secure an additional US$2 billion in deposits and US$950 million in loans from the World Bank and AIIB to sign a Staff Level Agreement (SLA) with the IMF. Pakistan is eagerly awaiting US$1.1 billion in financing from the International Monetary Fund (IMF), which global lenders are refusing unless the government makes and implements key decisions. A senior government official dealing with the IMF said: When asked about the possibility of obtaining a deposit from Saudi Arabia and a loan guarantee from the World Bank, News International reported. “Pakistan is facing difficulties in negotiations with the IMF due to growing animosity between China and the United States, which suits Islamabad’s greater concerns,” the report said. Pakistan and the IMF, which have been holding virtual talks after both sides held 10 days of intensive negotiations with IMF delegations in Islamabad from 31 January to 9 February, have received 11 orders from international lenders.

Source: dna March 07, 2023 02:19 UTC