ISLAMABAD: The Chinese foreign ministry said on Sunday it would provide Pakistan a “batch” of coronavirus vaccines as “aid” and had directed Chinese companies to speed up the export of doses to Pakistan.
Pakistan’s Foreign Minister Shah Mahmood Qureshi said on Thursday China had agreed to provide half a million doses of the Chinese Sinopharm vaccine free of cost to Pakistan by January 31.
“In order to support our brothers and sisters in Pakistan, the Chinese government has decided to provide a batch of vaccines as aid and will actively coordinate with the relevant Chinese enterprise to speed up export of vaccines to Pakistan,” Chinese Foreign Ministry Spokesperson Hua Chunying said at a media briefing, adding that Chinese State Councillor Wang Yi had informed Pakistan’s foreign minister of the decision of the Chinese government.
“They have said send your aircraft and airlift this vaccine immediately. So this is a happy bit of news for us, and we will hopefully be successful in protecting ourselves using this vaccine,” Pakistan’s Qureshi had said at a press conference in Islamabad.
Pakistani regulators approved the Sinopharm vaccine for emergency use last Monday, two days after AstraZeneca’s vaccine developed with Oxford University was also approved.
“I thanked them and also told them we need more than this, and in the future we will need 1.1 million doses, and they reassured us and said by the end of February we plan to meet this requirement for you as well,” Qureshi added.
Qureshi said he had also raised the possibility of jointly manufacturing vaccines with China.
China confirms will provide Pakistan a ‘batch’ of coronavirus vaccines as ‘aid’
https://arab.news/jg2nr
China confirms will provide Pakistan a ‘batch’ of coronavirus vaccines as ‘aid’
- Pakistan said last week China would provide half a million doses of Sinopharm vaccine free of cost by January 31
- Pakistan has also raised the possibility of jointly manufacturing vaccines with China
IMF Executive Board to review $1.2 billion loan disbursement for Pakistan today
- Pakistan, IMF reached a Staff-Level Agreement in October for second review of $7 billion Extended Fund, climate fund program
- Economists view IMF bailout packages as essential for cash-strapped Pakistan grappling with a prolonged macroeconomic crisis
ISLAMABAD: The Executive Board of the International Monetary Fund (IMF) is set to meet in Washington today to review a $1.2 billion loan disbursement for Pakistan, state media reported on Monday.
Pakistan and the IMF reached a Staff-Level Agreement (SLA) in October for the second review of a $7 billion Extended Fund Facility (EFF) and the first review of its $1.4 billion Resilience and Sustainability Facility (RSF).
The agreement between the two sides took place after an IMF mission, led by the international lender’s representative Iva Petrova, held discussions with Pakistani authorities during a Sept. 24–Oct. 8 visit to Karachi, Islamabad and Washington D.C.
“The International Monetary Fund’s (IMF) Executive Board is set to meet in Washington today to review and approve $1.2 billion in loan for Pakistan,” state broadcaster Pakistan TV reported.
Pakistan has been grappling with a prolonged macroeconomic crisis that has drained its financial resources and triggered a balance of payments crisis for the past couple of years. Islamabad, however, has reported some financial gains since 2022, which include recording a surplus in its current account and bringing inflation down considerably.
Economists view the IMF’s bailout packages as crucial for cash-strapped Pakistan, which has relied heavily on financing from bilateral partners such as Saudi Arabia, China and the United Arab Emirates, as well as multilateral lenders including the IMF, World Bank, Asian Development Bank and Islamic Development Bank.
Speaking to Arab News last month, Pakistan’s former finance adviser Khaqan Najeeb said the $1.2 billion disbursement will further stabilize Pakistan’s near-term external position and unlock additional official inflows.
“Continued engagement also reinforces macro stability, as reflected in recent improvements in inflation, the current account, and reserve buffers,” Najeeb said.
Pakistan came close to sovereign default in mid-2023, when foreign exchange reserves fell below three weeks of import cover, inflation surged to a record 38% in May, and the country struggled to secure external financing after delays in its IMF program. Fuel shortages, import restrictions, and a rapidly depreciating rupee added to the pressure, while ratings agencies downgraded Pakistan’s debt and warned of heightened default risk.
The crisis eased only after Pakistan reached a last-minute Stand-By Arrangement with the IMF in June 2023, unlocking emergency support and preventing an immediate default.
