Pakistan Seeks $4 Billion from Middle Eastern Banks to Plug Financing Gaps

Pakistan aims to secure up to $4 billion from Middle Eastern commercial banks by the next fiscal year. In an interview with Reuters, the central bank chief revealed that $2 billion in additional financing is already in advanced stages, crucial for IMF’s approval of a $7 billion bailout.

Pakistan is targeting $4 billion in funds from Middle Eastern commercial banks by the next fiscal year, according to the country's central bank chief in a recent interview with Reuters. This move aims to address significant external financing gaps.

State Bank of Pakistan Governor Jameel Ahmad disclosed that Pakistan is in the 'advanced stages' of securing $2 billion in additional external financing. This funding is a critical requirement for the International Monetary Fund's (IMF) approval of a $7 billion bailout program.

The additional inflow of capital will be instrumental in stabilizing Pakistan's economy, which has been facing substantial financial challenges.

(With inputs from agencies.)