Delay in IMF program, Government starts implementing Plan B

Pakistan has intensified its efforts to get financial assistance from other friendly countries including Saudi Arabia, United Arab Emirates and China at the request of the International Monetary Fund (IMF).

At the request of the International Monetary Fund (IMF), the government started efforts to get $3.8 billion in aid from friendly countries including Saudi Arabia, United Arab Emirates and China.

Pakistan has stepped up efforts to revive the IMF loan program. The government has started implementing the condition of getting financial assistance from IMF friendly countries.

The federal government has started implementing Plan B due to the delay in the IMF program recovery. The economic team had prepared a plan B to get funds from alternative sources.

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The federal government has started contacts with friendly countries to take loans on soft terms. Finance Minister and Foreign Secretary Dr. Asad Majeed Khan has reached Beijing for important talks with China.

The finance minister and the foreign secretary will soon negotiate with China to provide the outstanding $800 million and more aid. The finance minister hopes that 800 million dollars will be received from China in a few days.

Under the plan B of the government, diplomatic efforts have been started to get two billion dollars from Saudi Arabia, while important meetings are being held to get one billion dollars from the UAE.

Qatar has shown interest in investing in Pakistani government companies, while diplomatic officials of friendly countries have also given detailed briefings on the situation in Pakistan to their governments.

The government is hopeful for a positive response from friendly countries and to stabilize foreign exchange reserves of $10-12 billion by June 30, 2023 to be equivalent to two months of imports.