Geo News said that General Qamar Javed Bajwa, who is in charge of the army, has talked with the leaders of the United Arab Emirates and Saudi Arabia.
The International Monetary Fund loan program is said to have been talking about, and soon Pakistan can expect good news.
It comes just days after Nikkei Asia reported that Gen. Bajwa asked the U.S. to help Islamabad get $1.2 billion in IMF funds early so that the country wouldn’t have to default on its debts.
According to the report, the army chief called US Deputy Secretary of State Wendy Sherman. Sources from both the US and Pakistan told the publication’s correspondent Wajahat S Khan this on the condition of anonymity because they were not allowed to speak publicly.
Sources said that Gen. Bajwa asked the White House and the Treasury Department to ask the lender to speed up the bailout process and give Pakistan the nearly $1.2 billion it expects to get as part of the resumed loan program as soon as possible.
Pakistan and the IMF agreed at the staff level about how to get the money to help Pakistan’s weak economy. After the board approves it, the $1.2 billion will be paid out this month. The staff-level agreement will make that possible.
In a related development, the International Monetary Fund (IMF) said on Tuesday that Pakistan has met the last requirement for the combined seventh and eighth reviews. The IMF also said that a board meeting is tentatively planned for late August, once adequate financing assurances are confirmed.
In a statement to the media, Esther Perez Ruiz, who is the IMF’s Resident Representative for Pakistan, confirmed that the last action had been taken.