Pakistan announced financial support Friday from the United Arab Emirates and China totalling $1.3 billion.
Shipping containers are seen stacked on a ship at port in Karachi on April 6, 2023. Pakistan has only enough forex reserves to pay for a month of importsPAKISTAN - Pakistan announced financial support Friday from the United Arab Emirates and China totalling $1.3 billion, giving the ailing economy a shot in the arm as it seeks to meet conditions for the resumption of an International Monetary Fund bailout.
China on Friday released $300 million to Pakistan -- the last tranche of a $1.3 billion rollover loan, Dar said. The IMF insists the nuclear-armed nation of 220 million people must boost its pitifully low tax base, end tax exemptions for the export sector, and raise artificially low petrol, electricity and gas prices meant to help low-income families.
Faisal Shaji, chief strategy officer at Standard Capital Securities, said it appeared the latest funding would put Pakistan back"on IMF-laid track".Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, while devastating floods and a major shortage of energy have piled on further pressures.
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