Pakistan moves closer to IMF loan after Saudi Arabia commits $2 billion loan

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Pakistan moved a step closer to an International Monetary Fund bailout after Saudi Arabia assured the global lender it will provide a $2 billion loan and help the South Asian nation avoid a default.

The IMF has indicated it has the assurance from the Kingdom, Pakistan’s junior finance minister Aisha Ghaus Pasha told reporters in Islamabad.

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The agreement with the IMF still rests on a similar commitment from the United Arab Emirates for a $1 billion loan, she said.

The IMF did not immediately respond to a request for a comment.

The South Asian nation is going through one of its biggest economic crisis in history with default risks rising as per Moody’s Investors Service that downgraded the nation to its lowest-ever rating last month.

The nation raised interest rates to an all-time high this week after consumer prices quickened to a fresh record.

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