Saudi Arabia pledges $2bln aid to Pakistan for IMF deal

Saudi Arabia has pledged financial support to Pakistan of two billion dollars, as part of the final conditions to secure an International Monetary Fund (IMF) deal, the Minister of State for Finance and Revenues, Aisha Ghaus Pasha said.

The IMF deal is set to go into action after funding assurance from the United Arab Emirates of $1 billion, and Pakistan has been holding negotiations with China and Qatar for additional funds. The IMF loan will aid the South Asian country amidst its economic crisis.

Pakistan has been negotiating with the IMF to receive $1.1 billion from a 2019 $6.5 billion bailout package since January, hiking its interest rates to record highs in order to secure the funding.