Pakistan has secured significant additional financial support from China, Saudi Arabia, and the United Arab Emirates, according to the International Monetary Fund (IMF).

The financial assurances provided by these countries go beyond the rollover of $12 billion in bilateral loans owed by Pakistan, IMF Pakistan Mission Chief Nathan Porter confirmed during a press briefing on Thursday.

While specific details regarding the additional financing amounts were not disclosed, Porter emphasized that the commitments from China, Saudi Arabia, and the UAE are critical to the success of Pakistan’s new IMF program. These new assurances will supplement the existing debt rollover agreements and further bolster Pakistan’s financial position during a time of economic difficulty.

This announcement follows the IMF Executive Board’s approval of a new $7 billion, 37-month loan agreement for Pakistan, which is aimed at addressing the country’s macroeconomic challenges. The program is contingent on the implementation of sound policies and reforms to strengthen Pakistan’s economic stability.

Pakistan, which has faced multiple financial crises over the years, has previously sought assistance from the IMF 22 times since 1958. The IMF program marks another attempt to stabilize the country’s economy amid mounting debt and financial challenges.

Porter refrained from providing specific numbers related to the additional financing commitments but stressed the importance of the support from Pakistan’s key allies. “I won’t go into the specifics, but UAE, China, and the Kingdom of Saudi Arabia all provided significant financing assurances joined up in this program,” he said, underscoring the crucial role these nations are playing in Pakistan’s economic recovery efforts.

With this new round of financial backing, Pakistan hopes to achieve long-term economic stability while continuing to navigate its current financial crisis.