Canada Global (Web News) As the nation’s eighth assessment of a $7 billion IMF bailout hit roadblocks, Pakistan is poised to obtain a multibillion-dollar financial rescue package from longtime ally Saudi Arabia this month, according to two sources.
According to the two representatives of the finance ministry, the Saudi package would include oil on deferred payments as well as deposits to increase the nation’s foreign reserves.
Ishaq Dar, the finance minister, expressed prior optimism for swiftly approaching discussions with Saudi Arabia.
“We are hoping, God willing, to get financial support from Saudi Arabia this month,” one of the senior officials told Reuters. It will be a $4 billion transaction.”
“Some of that package will go to our reserves, and the rest is oil and some other commodities on deferred payments,” he said.
“Brotherly ties exist between Saudi Arabia and Pakistan. Both nations have provided assistance when needed, “According to a spokesperson for the finance ministry, who declined to elaborate or provide more information, Reuters.
The balance of payments crisis is affecting Pakistan’s economy. Just $6.7 billion in reserves remain at the central bank, barely enough to cover imports for a month.