Pakistan and the IMF last month came to an agreement at the staff level for a fresh $7 billion loan program.
However, it was stated that the country in South Asia required financial guarantees from bilateral donors in order to receive the final approval from the IMF board for the new bailout.
According to a Bloomberg story on Tuesday, “Pakistan has secured commitments to roll over debt for a year from China, Saudi Arabia, and the United Arab Emirates.” “Pakistan has been the recipient of bilateral loans totaling $12 billion for the past few years.”
Finance Minister Muhammad Aurangzeb stated, “We are quite hopeful that the staff-level agreement will be converted into a board approval by the end of the month,” on Tuesday at an event in Islamabad.
