Revealing the "tycoon" who saved Pakistan from bankruptcy

Hours after Pakistan reached an agreement with the International Monetary Fund (IMF) on a $3 billion bailout package on June 29, Prime Minister Shehbaz Sharif thanked China for helping the cash-strapped South Asian nation in the process.

Pakistani Prime Minister Shehbaz Sharif. (Source: AP)

“During this period, China saved Pakistan from default,” said Prime Minister Sharif.

Earlier, the IMF and Pakistan reached a working-level agreement on a $3 billion standby package just hours before it was due to expire on June 30.

If approved by the IMF's executive board in July, the money would help Pakistan battle a severe balance of payments crisis and falling foreign exchange reserves.

An IMF team led by Nathan Porter held in-person and virtual meetings with Pakistani officials to discuss a new financing commitment to Pakistan under the IMF Standby Arrangement (SBA).

At the end of the mission, Mr. Porter issued a statement saying he was “pleased to announce that the IMF team has reached a working-level agreement with the Government of Pakistan for a nine-month SBA in the amount of SDR 2,250 million (approximately $3 billion or 111% of Pakistan’s IMF quota).”

Source: https://baoquocte.vn/lo-dien-dai-gia-cuu-pakistan-khoi-canh-vo-no-233022.html