Islamabad: To approve the IMF program, the government sought a loan of one billion dollars from a private bank.
To fill the external financing gap for IMF loan approval, the government made a formal request to restore commercial credit.
According to sources, Pakistan has requested Standard Chartered Bank to restructure commercial loans ranging from $80 million to $1 billion. On Pakistan’s request, the bank expressed its willingness to restore the line of credit for Pakistan in principle.
Pakistan has also made such a request to Saudi Arabia in which Saudi Arabia has been asked to restore the oil facility worth 1.2 billion dollars.
Once the confirmation is received from Saudi Arabia, the authorities will sign the letter of intent from the IMF Executive Board and send it to the IMF Executive Board.
