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Pakistan inches towards signing agreement with IMF.
Ishaq Dar likely to visit UAE next week.
Half-baked petrol subsidy making things difficult for govt.
ISLAMABAD: The International Monetary Fund (IMF) has conveyed to Pakistan that it has received confirmation from Saudi Arabia on $2 billion in additional deposits, rekindling hopes of an early signing of the agreement.

Islamabad has been negotiating with the IMF since the end of January for the release of $1.1 billion from a $6.5 billion bailout package agreed upon in 2019. To unlock the funding, the government has cut back on subsidies, removed an artificial cap on the exchange rate, added taxes and raised fuel prices.

However, assurances from friendly nations for additional funds have delayed the agreement.

Sources confirmed to The News on Wednesday that the lender had informed the Pakistani authorities about the development and the Fund staff seemed largely satisfied with the latest confirmation.

“Now the Saudi authorities are all set to make a public announcement, probably during the upcoming visit of Prime Minister Shehbaz Sharif to the kingdom,” the report stated.

The Saudi envoy in Pakistan had also hinted recently during an interview that his country had always supported Pakistan in critical situations and good news would be shared soon.

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