$2b Saudi Funding

$2b Saudi Funding

Pakistan received funding of $2 billion from Saudi Arabia, Finance Ministry confirmed the funding notice saying that this development will help in taking a step towards a successful IMF deal.

International Monetary Fund imposed some conditions for Pakistan to secure funds. The $6.5 billion bailout package from IMF would be given only after securing $3 billion from other countries.

Read more | Rs 150bn funds for Youth

Apart from Saudi Arabia giving the green signal of funding, Finance Minister Ishaq Dar would also meet the leadership of United Arab Emirates and US Minister on April 10th. On the other hand IMF is still insisting on increase in inflation and opposing the annual subsidy.

Reduction in Petrol Import

The Finance Minister said that IMF is demanding Pakistan to reduce its petrol and diesel import, the global lender also demanded to meet the shortfall of taxes and Petrol Diesel Levy.

According to the sources, IMF is demanding Pakistan to increase the PDL to Rs 50 per litre on all the petroleum products. Earlier he Federal government increased the PDL on high speed diesel by Rs 5 per litre.

Read more | IMF needs to be agreed on fuel subsidy of Pakistan

Last month IMF said that, Pakistan is showing huge success and making substantial progress towards meeting the demands of IMF that are needed to unlock the loans which country needs badly to avoid crises.

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