Pakistan receives confirmation of $2bn in additional deposits from KSA

UAE's $1bn deposit may pave the way for staff-level agreement with IMF

ISLAMABAD: Pakistan has received confirmation from Saudi Arabia of $2 billion in additional deposits, according to the International Monetary Fund (IMF), raising hopes for an early signing of the agreement.

The Pakistani government has been negotiating with the IMF since January for the release of $1.1 billion from a $6.5 billion bailout package agreed upon in 2019. The IMF has delayed the agreement due to assurances from friendly nations for additional funds.

The Saudi authorities are expected to make a public announcement during the upcoming visit of Prime Minister Shehbaz Sharif to the kingdom. Another $1 billion deposit from the UAE may pave the way for striking the staff-level agreement with the IMF.

However, a proposed cross-fuel subsidy for owners of motorcycles and cars up to 800cc needs to be scrapped as the IMF has raised questions regarding transparency in its implementation.

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