Islamabad: In order to keep the IMF bailout programme on track to guarantee economic stability until an elected administration is formed in the nation, Pakistan is reportedly seeking approximately $11 billion from China and Saudi Arabia. This is part of measures to cover external and local resource gaps.
It comes amid the caretaker government’s push for expanding the tax net effectively to retail, agricultural and real estate sectors while continuing a crackdown on illegal currency movements.
Media reported that this information was part of a detailed policy statement issued by caretaker finance minister Shamshad Akhtar before the Senate standing committee on finance and revenue. The interim Prime Minister Anwar ul Haq Kakar would receive the government's plan for economic revival soon, according to her, and shared with the Senate standing committee on finance.
Pak seeks discounts from Russia on oil
Pakistan is seeking discounts in oil imports from Russia and has urged Moscow to strike a long-term oil deal while remaining within the price cap at $60 per barrel, a media report said. Pakistan, which is grappling with high external debt and a weak local currency, is hoping that snapping crude at discounted rates from Russia will stabilise oil prices in the country. People affected by the country's increasing inflation were relieved when Pakistan PM revealed in June that the first cargo of cheap Russian crude oil had arrived in Karachi on a trial basis.