Web Desk (August 10, 2018): British newspaper has claimed that Pakistan plans to borrow more than $4 billion from Islamic Development Bank (IDB).
According to a report in Financial Times, bank has agreed to make a formal offer to lend Islamabad the money when Imran Khan takes over as prime minister. The paperwork is all in place.According to international media, Saudi government wants to play a part in rescuing Pakistan from its present crisis.
Most probable to be Finance Minister of Pakistan, Asad Umar said that the situation is dire. We’ve got $10 billion dollars of central bank reserves, we’ve got somewhere between $8 billion and $9 billion in short-term liabilities, and therefore your net reserves are close to nothing. Umar is therefore exploring what other options remain open to him, of which the IDB loan is one.