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Finance minister says $1bn loan agreed with two Middle Eastern banks

41 1
22.01.2025

Finance Minister Muhammad Aurangzeb told Reuters on Tuesday that the government has agreed terms for a $1 billion loan with two Middle Eastern banks at a six to seven per cent interest rate as Pakistan looks for more financing.

“With two institutions we have now gone forward in signing up the term sheet — one bilateral and one for trade (finance),” Aurangzeb said during an interview on the sidelines of the World Economic Forum annual meeting in Davos.

Aurangzeb added that the loans were short-term, or up to one year.

State Bank of Pakistan Governor Jameel Ahmad told Reuters in August that Pakistan aimed to raise up to $4bn from Middle Eastern commercial banks by the next fiscal year.

Aurangzeb added that Pakistan was aiming to discuss with........

© Dawn Business