*ISLAMABAD: *Pakistan has reached out to close friends China and SaudiArabia to provide it with $6 to $8 billion in form of cash grants to avoidit going to the International Monetary Fund for a bailout.
The friendly nations have been asked to provide these funds to ensuresmooth functioning of China-Pakistan Corridor (CPEC), reported *The News.*
Not only would this provide breathing space to the government, but thesefunds could be utilized to keep them as safe deposits in the State Bank ofPakistan (SBP), permit import payments in Pak rupee and allow oil importsat deferred payment.
Official sources in the Finance Ministry disclosed they had prepared a setof proposals and shared it with its close friends.
China in this regard has been requested to permit half payment for importsin Pak Rupee and allow whole imports bills, due to trade deficit havewidened to $12.5 billion in last financial year.
The officials shared with this one stipulation, the country’s dependency ondollars could be decreased and bring a relief on its finances.
Last week, the Prime Minister’s Adviser on Finance and Economic Affairs,Dr. Miftah Ismail had confirmed it had reached out to friendly nations forproviding help in the management of economy for upcoming financial year2018-19.
This development comes amidst a time when the budget preparation for FY2018-19 is at its zenith and work carried out by Finance Ministry was alsoshared with an ambassador of a friendly nation.