KARACHI: By the next fiscal year, Pakistan intends to raise up to $4 billion from Middle Eastern commercial banks in order to close its gaps in external funding, Jameel Ahmad, the governor of the State Bank of Pakistan (SBP), told Reuters on Tuesday.
According to insiders, the governor’s optimism is a result of the government’s efforts to roll over $12 billion in loans from Saudi Arabia, China, and the United Arab Emirates (UAE).
The SBP governor stated in a lengthy interview with the wire that Pakistan was also “advanced stages” of obtaining the $2 billion in extra external financing needed for the IMF to approve a $7 billion bailout program.
Furthermore, according to reports, the administration has asked Saudi Arabia for an additional $1.2 billion loan to help bridge a $2.
