Saudi Arabia assures crucial financial support to help Pakistan

Consumer price inflation in South Asian nation climbed to a record 35.37 percent in March.

Saudi Arabia assures crucial financial support to help Pakistan revive IMF bailout. Saudi Arabia has assured the International Monetary Fund (IMF) of providing additional financial support of $2 billion to Pakistan, one of the key demands laid forth by the global lender to release next tranche of loan to the cash-strapped country.

Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha confirmed the development on Thursday stating the government has received indication from the IMF that it had received commitment from the kingdom regarding funding.

She said that talks are underway with the United Arab Emirates to seek same commitment before the Staff-Level Agreement with the global lender as the South Asian has already missed multiple deadlines.

The recent development comes as IMF wants friendly nations to honor their pledges to fund Pakistan before the multilateral lender finalizes $6.5 billion bailout programme – a move that led to a delay in talks with the IMF for the program.

Reports also claimed that Saudi authorities will make a public announcement, most likely during PM Shehbaz Sharif’s visit.

Pakistan has been struggling with a massive economic crisis with the common man bearing the brunt of skyrocketing prices, and the masses are battling to get basic commodities as the government taking desperate measures tabled by the IMF for economic revival.

Consumer price inflation in South Asian nation climbed to a record 35.37 percent in March from a year earlier, while dozens of people were killed in stampedes for food aid.