Pakistan to go for IMF bailout despite Saudi aid

October 24, 2018

PHOTO COURTESY: SAUDI PRESS AGENCY

Pakistan is still keen on seeking International Monetary Fund bailout programme, even after receiving $6 billion aid from Saudi Arabia. 

“Yes, we are going ahead into programme negotiations with (IMF) in the first week of November,” Noor Ahmed, spokesperson for the ministry of finance, told Reuters in a text message on Wednesday.

Related: Saudi Arabia agrees to loan Pakistan $3b as balance of payment support for one year

On Tuesday, Saudi Arabia agreed to provide a one-year deferred payment facility for the import of oil, up to $3 billion. An additional $3 billion will be used as the balance of payments support for one year.

This was announced during Prime Minister Imran Khan’s visit to the Kingdom.

Earlier this month, Finance Minister Asad Umar met Christine Lagarde, the managing director and chairperson of the IMF, and formally requested the IMF for financial assistance.