Pakistan will likely secure a multibillion-dollar financial support package from long-time ally Saudi Arabia this month, two sources said, as the country's ninth review of a $7 billion IMF bailout ran into snags.
would include deposits boosting the country's foreign reserves and oil on deferred payments."We are expecting that we will, God willing, get financial support from Saudi Arabia, most likely this month," one of the senior officials told Reuters, adding it would be around a $4 billion package.
"Pakistan has brotherly relations with Saudi Arabia. Both countries have helped each other in times of need," a finance ministry media official told Reuters, without elaborating or giving any further details. The fiscal deficit has already touched 1% of the GDP in first quarter of current financial year against 0.7% of the GDP agreed with the IMF.With the IMF's ninth review pending since September, Pakistan has desperately been scrambling to secure financing to meet external payment obligations for the current financial year.
He said the IMF wanted Pakistan to explain as to how the country will fund the cost for the reconstruction and rehabilitation of the devastating flood, which this summer was estimated to have insured over $30 billion in losses.
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