Delayed funds

A FRIEND in need is a friend indeed. China, Saudi Arabia, and the UAE have lived up to the adage, rescuing Pakistan multiple times in recent years by propping up its international reserves through large cash deposits and loans, as well as rolling over their debt, to help it access IMF funds in order to avert a sovereign default. Of late, though, they appear a bit hesitant to lend a helping hand as promptly. Little wonder these nations have not yet intimated the IMF of their decision to roll over their combined existing debt of $12bn for another year. This is said to be one of the reasons the Fund removed Pakistan from the agenda of its Aug 30 Executive Board meeting where it was expected to sign off on the recently concluded staff-level agreement for a new bailout package of $7bn over the next 37 months.