ISLAMABAD: Pakistan has secured debt rollover commitments from China, Saudi Arabia and the United Arab Emirates (UAE) for a year, Bloomberg reported on Tuesday, as the Pakistani finance minister expressed hope of getting an approval from the International Monetary Fund (IMF) executive board for a $7 billion loan dead by the end of this month.
Pakistan last month reached a staff-level agreement with the IMF for a new $7 billion loan program to keep its fragile $350 billion economy afloat.
But the South Asian nation reportedly needed financing commitments from bilateral donors to get a final nod from the IMF board for the fresh bailout.
“Pakistan has secured commitments from China, Saudi Arabia and the United Arab Emirates to roll over debt for a year,” a Bloomberg report said on Tuesday. “Pakistan has $12 billion in bilateral loans that have been extended for the past few years.”
The South Asian nation completed a short-term $3 billion IMF program in April this year, which helped Islamabad avert a sovereign default last year.
“We are quite hopeful that the staff-level agreement will be converted into a board approval by the end of the month,” Finance Minister Muhammad Aurangzeb said, while addressing an event in Islamabad on Tuesday.
Bloomberg quoted Aurangzeb as saying that the amount of rollovers would be the same as last year.
Aurangzeb expected the incumbent Pakistani government to manage a $5 billion financing gap during the IMF’s three-year program, according to Bloomberg. He believed that Pakistan was moving in the right direction with a stable currency.
Pakistan was also aiming to improve its credit rating to “B-” after Fitch Ratings last month upgraded it by one notch to “CCC+,” following a staff-level agreement with the IMF.
The IMF earlier said the new loan deal, which would span 37 months, was aimed at strengthening fiscal and monetary policy as well as reforms to broaden the tax base, improve management of state-owned enterprises, strengthen competition, secure investment, enhance human capital, and scale up social protection through increased generosity and coverage in major welfare programs.
The deal came after the government of Prime Minister Shehbaz Sharif presented its first budget in parliament in June, setting an ambitious tax collection target.
Analysts said at the time the new budget of about $68 billion, up from $50 billion in the last year, was likely to land a longer-term IMF bailout to help stabilize the economy.
Pakistan secures debt rollover commitments from China, Saudi Arabia and UAE — Bloomberg
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Pakistan secures debt rollover commitments from China, Saudi Arabia and UAE — Bloomberg
- Finance Minister Muhammad Aurangzeb says the South Asian country has bilateral loans amounting to $12 billion
- Pakistan needed financing commitments from bilateral donors to get a nod from IMF for a new $7 billion loan deal
Pakistan spin out Australia in second T20I to take series
- Salman Agha’s 76 and Usman Khan’s 53 lift Pakistan to 198-5, their highest T20I total against Australia
- Pakistan’s spinners take all 10 wickets as Australia are bowled out for 108, sealing an unbeatable 2-0 series lead
LAHORE: Skipper Salman Agha hit his highest score in the shortest format before Pakistan’s spinners routed Australia by 90 runs in the second Twenty20 international in Lahore on Saturday.
Agha hit a 40-ball 76 and Usman Khan smashed a 36-ball 53 as Pakistan made 198-5, their highest-ever T20I total against Australia.
This was enough for Pakistan’s spin quintet who shared all ten wickets between them with Abrar Ahmed returning the best figures of 3-14 and Shadab Khan finishing with 3-26.
Australia were routed for 108 in 15.4 overs, giving Pakistan their biggest T20I victory over Australia eclipsing the 66-run win in Abu Dhabi in 2018.
“It has to be a perfect game,” said Agha. “We batted well and then were outstanding with the ball. Fielding was outstanding.”
The victory gives Pakistan an unbeatable 2-0 lead after they won the first match by 22 runs, also in Lahore, on Friday.
“We want to play in the same way, forget the 2-0 scoreline and come again with the same intensity and go to the World Cup with the same energy,” said Agha of the event starting in India and Sri Lanka from February 7.
This is Pakistan’s first T20I series win over Australia since 2018. The final match is on Sunday, also in Lahore.
Despite skipper Mitchell Marsh coming back after resting on Friday, the visiting batters had little answer to Pakistan’s spin assault.
Ahmed dismissed Marsh for 18, Josh Inglis for five and Matthew Short for 27.
Cameroon Green top scored with a 20-ball 35 before spinner Usman Tariq dismissed him on his way to figures of 2-16.
Marsh admitted Pakistan were better.
“Pakistan outplayed us,” said Marsh. “Hopefully, we can improve and come back tomorrow. They put us under great pressure in batting; it was probably a 160-170 wicket so they scored a big total.”
Earlier, Agha and Usman led Pakistan to a fighting total after they won the toss and batted.
Agha built the innings with Saim Ayub (11-ball 23) during a second wicket stand of 55 as Pakistan scored 72 runs in the power-paly.
Agha’s previous highest in all T20 cricket was 68 not out.
After Babar Azam failed with a five-ball two, Usman helped Agha add another quickfire 49 for the fourth wicket before Sean Abbott broke the stand.
Agha smashed four sixes and eight fours in his sixth Twenty20 half century.
Pakistan added a good 61 runs in the last five overs with Usman knocking two sixes and four fours in his second T20I half century while Shadab’s knock had two sixes and a four.
The Usman-Shadab fifth-wicket stand yielded 63 runs off just 39 balls.
Shadab finished with an unbeaten 20-ball 28.
Pacer Xavier Bartlett and spinner Matthew Kuhnemann were expensive, conceding 92 runs between them in their eight overs.
