UAE assures IMF of Pakistan's external financing gap

Islamabad: The ambassador of the United Arab Emirates (UAE) assured International Monetary Fund (IMF) about the external financing gap of 6.5 billion dollars faced by Pakistan.

According to details, the IMF mission chief met the ambassador of UAE regarding the issue of the external financing gap of 6.5 billion dollars faced by Pakistan at the important stage of economic review dialogues between Pakistan and IMF.

It is reported that during the meeting between the UAE ambassador and the IMF mission chief, issues related to filling the external financing gap for Pakistan were discussed.

The ambassador of UAE has assured the IMF mission chief to play a role for the economic stability of Pakistan, reportedly. The IMF mission is confirming Pakistan for external financing.

It is important to mention that the policy-level negotiations between Pakistan and the IMF are underway, the IMF has agreed to maintain the annual tax target of Rs9,415 billion for Pakistan, after which the mini-budget will not be introduced.

The Federal Bureau of Revenue stated that the caretaker government will not impose any new tax regarding which IMF has been informed.

Pakistan facing huge external financing gap

It is reported that Pakistan is facing a huge external financing gap of 6.5 billion dollars due to which the caretaker government has decided to turn to friendly countries including Saudi Arabia and UAE.

The reports said that assistance will also be taken from Islamic Development Bank (IDB), Asian Development Bank (ADB) and World Bank (WB) while the financial gap is likely to be reduced through decline in current account deficit.