Pakistan gets $12bn rollover assurances from friendly nations

The International Monetary Fund (IMF) will give the $7 billion loan program for Pakistan its final approval, Finance Minister Muhammad Aurangzeb announced after Islamabad received an extension on the loan tenure from friendly nations.
In this context, Pakistan asked the United Arab Emirates, China, and the Kingdom of Saudi Arabia—its three biggest bilateral allies—to give rollover in deposits of $12 billion for a period of three to five years.
In an effort to support Islamabad in getting permission from the Washington-based lender, the three countries have so approved the rollover for three years with an annual renewal.
The important development has also been reported to the IMF.
The loan scheme offered by the foreign lending institution will last for 37 months.