ISLAMABAD: Pakistan signed the Letter of Intent (Lol) sent by the International Monetary Fund (IMF).
According to Finance Ministry sources, the Finance Secretary signed the IMF Letter of Intent and will send the Letter of Intent back to the IMF today.
In this regard, the sources further said that after receiving the letter of intent, a decision will be taken at the meeting of the IMF Executive Board while the meeting of the IMF Executive Board is likely to be held on August 24.
Earlier, Saudi Arabia has agreed to renew a $3 billion deposit at Pakistan’s central bank to bolster the south Asian state’s depleted foreign reserves as Islamabad negotiates an aid package with the IMF, according to people familiar with the deal.
The world’s top oil exporter, which has traditionally provided financial aid to Islamabad, has also agreed to support Pakistan with $1bn in petroleum products over 10 months.
