Pakistan will “seek” to have a $12 billion loan from friendly nations rolled over.

According to information, Pakistan will require Rs23 billion in foreign funding for the upcoming FY2024–2025. In light of this, Islamabad has apparently chosen to pursue the rollover of a $12 billion loan from friendly nations, such as Saudi Arabia, the United Arab Emirates, and China.

According to information provided by sources inside the finance ministry, rollovers for loans totaling $5 billion from Saudi Arabia, $4 billion from China, and $3 billion from the United Arab Emirates would be pursued in order to cover the external funding requirements for the upcoming year.

Budgetary allocations also take into account the new funding from the World Bank, Asian Development Bank, and other financial organisations.

On May 2, it was revealed that the government of Pakistan had made the decision to “finalise” the FY2024–25 budget targets before to the arrival of an IMF team in Islamabad.

Pakistan has scheduled the arrival of the IMF team on May 15th for negotiations on the new loan programme that it is requesting to meet its financial demands.

According to sources, the government hurried budget target preparations prior to the IMF mission’s arrival. The relevant ministries have been instructed by the Ministry of Finance to meet their targets as soon as possible.