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Politics

Pakistan to seek rollover of $12 billion debt to meet budget targets before IMF team’s arrival

Representational image only. | Photo Credit: AFP Pakistan has decided to seek a rollover of around $12 billion debt from key allies such as China in the 2024-25 fiscal year to meet a whopping $23 billion worth of gap in its external financing as the federal government aims to achieve budget targets before the expected arrival of an IMF team to the cash-strapped country.According to the Finance Ministry insiders, $5 billion from Saudi Arabia, $3 billion from the UAE and $4 billion from China will be rolled over, adding that the estimate of further new financing from China would also be included in the next financial year’s budget, The Express Tribune newspaper reported.Pakistan will receive more than $1 billion from the International Monetary Fund (IMF) under the fresh loan programme, w...