China comes to Pakistan’s rescue again; rolls over $2billion amid IMF uncertainty
ISLAMABAD – In another financial relief for cash strapped Pakistan, China again rolled over a safe deposit of $2 billion on the existing terms to relieve its all-weather friend.
Senator and Finance Minister Ishaq Dar confirmed the good news on Friday as the rollover of Chinese SAFE deposits was said to be one of the major prerequisites laid forth by the IMF for the South Asian country to salvage the staff-level agreement.
The recent development is a sigh of relief for the country’s dwindling economy as Islamabad assured the global lender that it would raise forex reserves to $10 billion before the start of the next Fiscal Year.
Meanwhile, after the rollover from Beijing, Islamabad is looking at Qatar, Saudi Arabia, and UAE for financial support in an all-out effort to woo IMF, which continue to give hard times to Pakistan.
Earlier this month, the Sharif-led government was seeking to get $2 billion from China and Saudi Arabia, while officials are eyeing to get a further $1 billion from the UAE to unlock much-needed funding.
In the latest developments, the country’s finance czar Ishaq Dar assured that details of the staff-level agreement with IMF would be available for everyone, emphasizing transparency. He said once the staff agreement is signed, it will be available on the public platform of the Finance Ministry.
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