Pakistan wants to extend its $12 billion loan from friendly countries

The breakdown of the requested extension comprises $5 billion from Saudi Arabia, $4 billion from China, and $3 billion from the United Arab Emirates. This initiative aims to address a total external financing requirement of Rs23 billion for the upcoming fiscal year.

Furthermore, the budget incorporates provisions for securing additional financing from institutions such as the World Bank and the Asian Development Bank.

In a recent update, it was stated on May 2 that the Pakistani government is in the process of finalizing budget targets for the fiscal year 2024-25 ahead of the scheduled visit of an International Monetary Fund (IMF) mission to Islamabad on May 15.

The IMF mission’s visit is part of discussions concerning a new loan program that Pakistan is pursuing to meet its financial obligations. To expedite this process, the Ministry of Finance has instructed relevant ministries to promptly conclude the target-setting procedure.

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