General Qamar Javed Bajwa, Pakistan’s chief of army staff, reportedly spoke with officials in Saudi Arabia and the United Arab Emirates (UAE) on Pakistan’s agreement with the International Monetary Fund (IMF), a News channel reported on Friday.
“Good news is expected for Pakistan,” according to the channel.
The lender has conditioned the distribution of the tranche on Pakistan securing a $4 billion financing gap from friendly nations.
COAS Bajwa called US Deputy Secretary of State Wendy Sherman late last month and pleaded with the US to support Islamabad in securing an early distribution of $1.2 billion in cash under the IMF agreement.
As the economic situation grew worse and the rupee’s value dropped to historic lows, the army chief contacted the Biden administration to request its influence over the IMF.
However, since then, the local currency has risen as a result of July import data and a lender declaration that Pakistan has completed all prerequisite steps for reviving the $6 billion loan program that had been frozen for months.
The combined seventh and eighth evaluations had been agreed upon at the staff level between Pakistan and the IMF, but the Executive Board of the Fund will still need to give its final approval later this month.
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