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Pakistan still waiting for China, Saudi help to fulfill IMF loan commitments

by Web Desk
November 14, 2024
in Business
Pakistan still waiting for China, Saudi help to fulfill IMF loan commitments
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ISLAMABAD: Pakistan has assured the IMF that despite the initial delay, it is hopeful of rescheduling Chinese loans, with oil from Saudi Arabia to be obtained on deferred payments to fill the $5 billion external funding gap.

These hopes are linked to the assurances that the executive directors of these countries gave to the IMF board at the time of approving the $7 billion bailout package.

The government also requested the visiting IMF delegation to review its condition of forcing Pakistan to amend the Sovereign Wealth Fund Law by the end of December. The IMF did not respond to this request last day either.

Pakistan has hired Alvarez and Marcel Advisory Services to present its case before the IMF. Former central bank governor Dr. Reza Baqir, who is the managing director of Alvarez, also attended the IMF meeting yesterday.

The sources said that the IMF was briefed on external financing commitments that are required to fill the $5 billion funding gap from 2024 to 2027. Pakistan once again assured that China’s Exim Bank would roll over a $3.4 billion project loan and Saudi Arabia would provide $1.2 billion in financing.

However, there has been no significant progress on these two issues so far, although China is in touch with the government in this regard. The executive directors of these countries had assured the IMF board directly, and the government is hopeful that these transactions will be completed soon. There is a total external financing gap of $5 billion for the period 2024-2027, while $2.5 billion is estimated for this fiscal year.

At the time of the $7 billion package, Pakistan was hopeful of raising $3.2 billion against its $2.5 billion loan requirement. This includes a $1.2 billion Saudi oil facility. Each month of delay in finalizing the oil facility reduces the funds available within the fiscal year by $100 million. Pakistani officials are hopeful of convincing the Saudi government to extend the facility.

China’s Exim Bank owes about $750 million for the next 11 months after rescheduling a $3.4 billion loan. The Exim Bank’s $2.7 billion loan for the Chinese project will be completed between October 2025 and September 2027.

Finance Minister Muhammad Aurangzeb Kap was on a three-day foreign tour to attend 29 meetings. He will join the IMF’s last day of talks today, according to the finance ministry.

In September this year, the government had accepted the IMF’s demand to amend the Pakistan Sovereign Wealth Fund Act to end secrecy in its financial and governance matters and ban direct sale of assets to foreign countries.

The PDM government had in the first phase enacted the PSWF Act to transfer shares of seven for-profit entities and then sell them abroad to raise money. The sovereign fund currently has the authority to handle the sale and purchase of domestic and foreign equity securities, debt securities, derivatives, commodities, and other financial assets.

The current law allows the sovereign fund to participate in the privatization process to acquire ownership of government entities or provide financial advisory services in the privatization process. All these special rights will end if the IMF-drafted amendments are approved by parliament before the end of next month.

Tags: commissiongovernmentinternationalNationaltime line news
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