{"id":8390,"date":"2024-08-07T15:25:59","date_gmt":"2024-08-07T10:25:59","guid":{"rendered":"https:\/\/pakalerts.net\/english\/?p=8390"},"modified":"2024-08-07T15:27:56","modified_gmt":"2024-08-07T10:27:56","slug":"pakistan-secures-loan-extension-promises-from-china-saudi-arabia-and-uae","status":"publish","type":"post","link":"https:\/\/pakalerts.net\/english\/?p=8390","title":{"rendered":"Pakistan Secures Loan Extension Promises from China, Saudi Arabia, and UAE"},"content":{"rendered":"
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Pakistan has successfully secured debt rollover commitments from China, Saudi Arabia, and the United Arab Emirates (UAE) for a period of one year.<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Pakistan last month reached a staff-level agreement with the IMF for a new $7 billion loan program.<\/p>\n

However, the South Asian nation reportedly needed financing commitments from bilateral donors to get a final nod from the IMF board for a fresh bailout.<\/p>\n

\u201cPakistan has secured commitments from China, Saudi Arabia, and the United Arab Emirates to roll over debt for a year,\u201d a Bloomberg report said on Tuesday. \u201cPakistan has $12 billion in bilateral loans that have been extended for the past few years.\u201d<\/p>\n

\u201cWe are quite hopeful that the staff-level agreement will be converted into a board approval by the end of the month,\u201d Finance Minister Muhammad Aurangzeb said while addressing an event in Islamabad on Tuesday.<\/p>\n

Bloomberg quoted Aurangzeb as saying that the amount of rollovers would be the same as last year.<\/p>\n

Aurangzeb expected the incumbent Pakistani government to manage a $5 billion financing gap during the IMF\u2019s three-year program, according to Bloomberg. He believed that Pakistan was moving in the right direction with a stable currency.<\/p>\n

Pakistan and the International Monetary Fund reached an agreement for a 37-month loan program in July.<\/p>\n

Pakistan has relied heavily on IMF programs for years, at times nearing the brink of sovereign default and having to turn to countries such as the United Arab Emirates and Saudi Arabia to provide it with financing to meet external financing targets set by the IMF.<\/p>\n

The IMF in its statement following the staff-level agreement with Islamabad said the new Extended Fund Facility programme was subject to approval from its executive board and obtaining \u201ctimely confirmation of necessary financing assurances from Pakistan\u2019s development and bilateral partners\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pakistan has successfully secured debt rollover commitments from China, Saudi Arabia, and the United Arab Emirates (UAE) for a period of one year. Pakistan last month reached a staff-level agreement with the IMF for a new $7 billion loan program. However, the South Asian nation reportedly needed financing commitments from bilateral donors to get a […]<\/p>\n","protected":false},"author":2,"featured_media":8391,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAowgLK2DA:productID":"","_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"home-loop","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"bottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"no-crop","single_post_gallery_size":"crop-715"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0"},"jnews_primary_category":[],"jnews_social_meta":[],"footnotes":""},"categories":[41,47,46],"tags":[116,2800,1292,62,2801,434,98],"class_list":["post-8390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-important-news","category-latest","tag-china","tag-loan-extension","tag-loan-program","tag-pakistan","tag-promises","tag-saudi-arabia","tag-uae"],"_links":{"self":[{"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=\/wp\/v2\/posts\/8390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8390"}],"version-history":[{"count":0,"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=\/wp\/v2\/posts\/8390\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=\/wp\/v2\/media\/8391"}],"wp:attachment":[{"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakalerts.net\/english\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}