In a bid to alleviate its financial crisis, Pakistan has reached out to its ally China, seeking a financial assistance package of USD 2 billion for a year, as reported on Saturday. The caretaker Prime Minister, Anwaarul Haq Kakar, penned a letter to Chinese Premier Li Qiang, expressing gratitude for China’s ongoing support during Pakistan’s economic challenges. The letter requested the rollover of the debt, with the deposit time for the loan set to conclude on March 23.
China has played a pivotal role in supporting Pakistan’s economy, providing a total of USD 4 billion in loans. This financial assistance has helped relieve the mounting pressure on Pakistan’s external debt payments and stabilize its foreign exchange reserves.
Earlier this month, the United Arab Emirates (UAE) extended support by rolling over Pakistan’s maturing loan of USD 2 billion. Additionally, Saudi Arabia has deposited USD 5 billion with the State Bank of Pakistan.
In response to the UAE’s loan rollover, the interim government has urged the International Monetary Fund (IMF) to send a new mission for talks on the final loan tranche of USD 1.2 billion. The IMF’s upcoming mission is crucial not only for securing the last tranche but also for initiating negotiations on a new long-term program. Former finance minister Ishaq Dar, representing the Pakistan Muslim League-Nawaz (PML-N), stated that if his party wins the elections and forms the government, a decision regarding the new IMF program will be expedited. Dar emphasized that if the PML-N decides against entering the IMF program, they would promptly implement belt-tightening measures.
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