ISLAMABAD: International Monetary Fund (IMF) accepted $ 8.2 billion financing gap plan presented by Ministry of Finance, citing sources. "Pakistan's external financing target has now been set between Finance Ministry and IMF thus setting aside threat of default looming over country," Ministry sources said.

Lender has given its nod to $ 8.2 billion financing gap of country that will be filled with funding from IMF, World Bank and Asian Development Bank apart of financing from China, Saudi Arabia, UAE and other friendly countries, sources said. According to Finance Ministry's plan $ 3.5 billion financing will be arranged from China this year, $ 2 billion from Saudi Arabia and one billion dollars from UAE, sources shared.

Moreover, under financing plan $ 500 million funds will be received from ADB, another 500 million dollars from World Bank and three billion dollars will be received from IMF under standby agreement. Staff level agreement on SBA is subject to approval by IMF Executive board. Previous Extended Fund Facility expired on June 30, with 9th, 10th and 11th reviews pending.