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.
Related News:
Loans To Agriculture Sector Will Increase To Rs1,100bn: Minister
