{"id":8447,"date":"2024-09-27T04:49:34","date_gmt":"2024-09-27T04:49:34","guid":{"rendered":"https:\/\/gsrra.com\/?p=8447"},"modified":"2024-09-27T04:49:36","modified_gmt":"2024-09-27T04:49:36","slug":"pakistan-wins-more-financing-assurances-from-china-uae-saudi-arabia","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=8447","title":{"rendered":"Pakistan wins more financing assurances from China, UAE, Saudi Arabia"},"content":{"rendered":"\n

Crisis-wracked South Asian country has had 22 previous IMF bailout programmes since 1958<\/em><\/strong><\/p>\n\n\n\n

Pakistan has received \u201csignificant financing assurances\u201d from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund programme that goes beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, an IMF official said on Thursday.<\/p>\n\n\n\n

IMF Pakistan Mission Chief Nathan Porter declined to provide details of additional financing amounts committed by the three countries but said they would come on top of the debt rollover.<\/p>\n\n\n\n

\u201cI won\u2019t go into the specifics, but UAE, China and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this programme,\u201d Porter told reporters on a conference call.<\/p>\n\n\n\n

The IMF\u2019s Executive Board on Wednesday approved a new $7 billion, 37-month loan agreement for Pakistan that requires \u201csound policies and reforms\u201d to strengthen macroeconomic stability. The approval releases an immediate $1 billion disbursement to Islamabad.<\/p>\n\n\n\n

The crisis-wracked South Asian country has had 22 previous IMF bailout programmes since 1958.<\/p>\n\n\n\n

Porter said Pakistan has staged a \u201creally remarkable\u201d economic turnaround since mid-2023, with inflation down dramatically, stable exchange rates and foreign reserves that have more than doubled.<\/p>\n\n\n\n

\u201cSo what we\u2019ve seen is the benefits of undertaking good policies,\u201d Porter said, adding that the challenge now was to build stronger and sustained growth by keeping monetary, fiscal and exchange rate policy consistent, raising more taxes and improving public spending.<\/p>\n\n\n\n

Last year, Pakistan achieved its first primary budget surplus in 20 years, and the programme calls for growing that to 2% of gross domestic product. Porter said it depends in part on reforms to improve collections from under-taxed sectors such as retailers.<\/p>\n\n\n\n

The next review of the loan would likely take place in March or April of 2025, based on end-2024 performance criteria, Porter said.<\/p>\n\n\n\n

Reference Link:- https:\/\/www.thenews.com.pk\/print\/1234313-pakistan-wins-more-financing-assurances-from-china-uae-saudi-arabia-imf-official<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crisis-wracked South Asian country has had 22 previous IMF bailout programmes since 1958 Pakistan has received \u201csignificant financing assurances\u201d from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund programme that goes beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, an […]<\/p>\n","protected":false},"author":1,"featured_media":8448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[29,4109,4110,105,3994,36,1004,40],"class_list":["post-8447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-china","tag-financial-assurance","tag-financial-support","tag-geopolitics-2","tag-monetary-policy","tag-pakistan","tag-uae","tag-us"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/8447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8447"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/8447\/revisions"}],"predecessor-version":[{"id":8449,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/8447\/revisions\/8449"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/8448"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}