Pakistan has decided to seek a rollover of approximately $12 billion in debt from key allies like China in the upcoming fiscal year of 2024-25 to bridge a significant $23 billion gap in its external financing. The aim is to meet budget targets before the anticipated arrival of an International Monetary Fund (IMF) team to address the country’s financial challenges.
Finance Ministry insiders disclosed that Pakistan plans to rollover $5 billion from Saudi Arabia, $3 billion from the UAE, and $4 billion from China. Additionally, the estimated budget for the next fiscal year includes new financing from China, with negotiations expected to commence in midMay ahead of the budget presentation in June.
The federal government aims to achieve budget targets prior to the IMF review mission’s arrival, instructing ministries to complete set targets before negotiations on the new loan program. The details will be provided to the IMF delegation once these targets are met. Furthermore, the budget strategy paper is set to be approved by the federal cabinet before the IMF review mission’s visit.
The Finance Ministry has initiated preparations for the budget, outlining targets for debt repayment, defense budget, and tax collections. Additionally, development and ongoing budget targets will be determined as part of the budget preparation process.
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