The International Monetary Fund has approved Pakistan's external financing plan, reported 24NewsHD TV channel on Tuesday.

For the release of its bailout package, the IMF had asked Pakistan to provide it the external financing plan. Then the Ministry of Finance sent the $8 billion financing plan from the friendly countries to the IMF as per its requirement.

The meeting of the IMF Executive Board will be held tomorrow (July 12).

According to the sources in Finance Ministry, Saudi Arabia has deposited $2 billion in the State Bank of Pakistan. $3.5 billion are likely to be received from China. A loan of $1 billion will be taken from the UAE.

According to finance plan forwarded to the IMF, Pakistan would receive $50 million each from the Asian Development Bank and the World Bank. It also included in its external financing plan the $350 million pledged during the Geneva Conference.

Pakistan is waiting for the IMF Executive Board meeting in which the government is expecting that the recently agreed upon $3 billion IMF loan will be approved.

However, there is no mention of Pakistan in the scheduled meeting of the Fund tomorrow.

 

Reporter Waqas Azeem