Pakistan Targets $4 Billion from Middle Eastern Banks Amid IMF Loan Approval

Pakistan aims to raise up to $4 billion from Middle Eastern commercial banks by next fiscal year. Central bank chief Jameel Ahmad revealed in his first media interview since 2022 that Pakistan is also in advanced stages of securing $2 billion in additional financing essential for IMF's $7 billion bailout program approval.

Pakistan is setting an ambitious target to raise up to $4 billion from Middle Eastern commercial banks by the next fiscal year, according to State Bank of Pakistan Governor Jameel Ahmad. This move aims to plug the nation's external financing gaps.

In an exclusive interview with Reuters, Ahmad disclosed that Pakistan is in the advanced stages of securing an additional $2 billion to meet the requirements for the International Monetary Fund's approval of a $7 billion bailout program. This is his first interview with any media organization since he took office in 2022.

He also highlighted the positive impact of recent interest rate cuts, which have successfully tempered inflation and stabilized the current account. However, the central bank's focus is shifting towards growth and socioeconomic issues as it prepares for its next monetary policy review on September 12.

(With inputs from agencies.)