AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: Pakistan has agreed terms for a one billion dollar loan with two Middle Eastern banks at an interest rate of six to seven percent. This development was announced by Finance Minister Muhammad Aurangzeb during an interview with a foreign media outlet in Davos today.
According to Radio Pakistan, Finance Minister Aurangzeb revealed that Pakistan has proceeded with the agreements by signing the term sheets with the two financial institutions. The loans are categorized as short-term, with a duration of up to one year. This financial maneuver is part of Pakistan’s strategy to strengthen its economic framework following a seven billion dollar bailout from the International Monetary Fund (IMF) that was secured in September last year.
The Finance Minister emphasized that by the end of next month, Pakistan is scheduled for its first formal review under the Extended Fund Facility. He expressed confidence that Pakistan is well-prepared for the upcoming review, indicating a positive outlook for the nation’s financial stability.