ISLAMABAD :Pakistan's Finance Minister Ishaq Dar said on Thursday that an assurance from"friendly countries" to fund a balance of payment gap was the last hurdle in securing an IMF deal, which will offer a critical lifeline to avert an economic meltdown.
"At the time of the previous reviews, several friendly countries had made commitments to bilaterally support Pakistan, what IMF is now asking that they should actually complete and materialize those commitments," he said, adding: That's the only delay." The funds are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical for Pakistan to avert defaulting on external payment obligations.
The IMF wants Pakistan to get the assurance for up to $7 billion to fund this fiscal year's balance of payments gap. Dar has been saying it should be around $5 billion.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pakistan needs financing assurance from friendly countries for IMF deal - finance ministerISLAMABAD : Pakistan needs an assurance from friendly countries of bilateral financing they committed earlier to secure an IMF deal, Finance Minister Ishaq Dar said on Thursday, calling it the last hurdle to unlocking funds from the global lender.Several friendly countries have made commitments to suppo
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan won't face incidents like SVB collapse - finance ministerTOKYO :Japan's banking sector won't face incidents similar to the collapse of U.S. lender Silicon Valley Bank due to differences in the structure of bank deposits, Finance Minister Shunichi Suzuki said on Wednesday.'Japan's financial system is stable as a whole,' as banks have sufficient capital buffers again Sell!!!
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Thai Finance Minister says no impact on Thailand so far from US banking woesBANGKOK : Thailand's finance minister said on Wednesday that there had been no impact on Thailand so far from problems facing some banks in the United States.The government, however, was ready to take action should global volatility affect the Southeast Asian country's economy or financial system, Arkhom
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan won't face incidents like SVB collapse - Finance Minister SuzukiTOKYO : Japan's banking sector won't face incidents similar to the collapse of U.S. lender Silicon Valley Bank due to differences in the structure of bank deposits, Finance Minister Shunichi Suzuki said on Wednesday.'Japan's financial system is stable as a whole,' as banks have sufficient capital buffers
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »