Tuesday June 25, 2024

Gen Bajwa contacts UAE, Saudi Arabia over Pakistan-IMF deal

Good news is expected for Pakistan after COAS General Bajwa's intervention amid economic crisis

By Web Desk
August 05, 2022
Gen Bajwa contacts UAE, Saudi Arabia over Pakistan-IMF deal

ISLAMABAD: Chief of Army Staff General Qamar Javed Bajwa has contacted the Saudi Arabian and UAE  authorities and discussed Pakistan's deal with the International Monetary Fund (IMF), Geo News reported Friday.

"Good news is expected for Pakistan," the channel reported.

The lender has linked the disbursement of the tranche to the provision of $4 billion financing gap, which Pakistan seeks to meet from friendly countries.

Late last month, COAS Bajwa telephoned US Deputy Secretary of State Wendy Sherman and appealed to the United States to help Islamabad secure an early dispersal of $1.2 billion in funds under the IMF programme.

The army chief had approached the Biden administration, seeking its influence over the IMF amid the worsening economic crisis and depreciating rupee, which had plummeted to record levels.

Since then, however, the local currency has gained ground after July import data and an announcement by the lender that Pakistan has fulfilled all the prior actions needed to revive the $6 billion loan programme stalled since months.

Pakistan and the IMF had reached the staff-level agreement for the combined seventh and eighth reviews but final approval from the Fund’s Executive Board is expected later this month.