Chief of Army Staff General Qamar Javed Bajwa has reached out to the authorities of the Saudi Arabia and United Arab Emirates about the IMF program. Positive development for Pakistan is said to be expected soon.
UAE and Saudi Arabia’s authorities have reportedly assured COAS Bajwa of their full support for the early disposal of $1.2bn loan tranche.
Earlier, COAS General Qamar Javed Bajwa telephoned US Deputy Secretary of State to help Pakistan secure an early dispersal of $1.2 billion in funds under an International Monetary Fund loan (IMF) program.
COAS Bajwa made an appeal for the White House and Treasury Department to push the IMF to immediately supply nearly $1.2 billion that Pakistan is due to receive under a resumed loan program.
It may be noted that the chief of army staff had been playing his role to take Pakistan out of the economic crunch situation and in the past, he had contacted Saudi Arabia, UAE, China and other friendly countries for the financial assistance.
Pakistan and the IMF reached a staff-level agreement over the release of the funds to support the country’s fragile economy. The staff-level agreement will pave the way for the $1.2 billion disbursement, which is expected this month after the board approves it.
In a related development, Pakistan has completed the last precondition for the combined seventh and eighth reviews, the International Monetary Fund (IMF) said on Tuesday, adding that a board meeting is tentatively scheduled for late August once adequate financing assurances are confirmed.