Pakistan aims to secure $4 billion from ME banks, SBP governor

KARACHI: Pakistan is looking to raise up to $4 billion from Middle Eastern commercial banks by the next fiscal year, State Bank of Pakistan’s (SBP) Governor Jameel Ahmed said on Tuesday.

As the country looks to plug external financing gaps, the central bank’s chief spoke to Reuters and said that Pakistan is in the “advanced stages” of securing $2 billion in additional external financing required for the International Monetary Fund’s (IMF) approval of a $7 billion bailout program.

Pakistan seeks $4 billion in loans from Middle Eastern banks amid IMF deal

Earlier, Finance Minister Muhammad Aurangzeb had also shared similar statements. He had informed that his team has been in discussions with prominent banks, including Dubai Islamic Bank and Mashreq Bank, to explore investment opportunities in Pakistan.

This effort is part of a larger $7 billion Extended Fund Facility (EFF) awaiting approval from the International Monetary Fund (IMF).

Meanwhile, the uncertainty over IMF’s final approval for Pakistan’s $7 billion loan remains high with the international lender’s latest agenda for its upcoming board meetings still silent on Pakistan. The next board meeting scheduled for September 4 does not include approval of the loan for Pakistan.