Pakistan requested an additional loan of 1.5 billion dollars from Saudi Arabia

Pakistan requested an additional loan of 1.5 billion dollars from Saudi Arabia P akistan has requested a loan increase from Saudi Arabia to cover the external financing gap required for the International Monetary Fund (IMF) bailout package. According to a report by Dawn newspaper, Pakistan has reportedly requested Saudi Arabia to increase its debt of $1.5 billion in its existing $5 billion portfolio, to help reduce the required external financial gap to achieve a 37-month bailout package for the International Monetary Fund. The package is pending till the approval of the Executive Board of the IMF. Informed sources said that according to the prevailing procedure, the three friendly bilateral partners, Saudi Arabia, United Arab Emirates and China, have to confirm the rollover of their $12 billion loan to Pakistan through their executive directors. Apart from this, the government has issued a notification for the formation of the committee chaired by the finance minister, which will incl...