Aurangzeb approaches Middle Eastern banks for $4bn
Pakistan is in talks with Middle Eastern banks to secure about $4 billion in loans required to meet external financial needs during the current fiscal year as part of the $7bn Extended Fund Facility (EFF) currently pending approval of the executive board of the International Monetary Fund (IMF). Finance Minister Muhammad Aurangzeb and his team, including Minister of State for Finance, Revenue and Power Ali Pervaiz Malik, Finance Secretary Imdadullah Bosal and Additional Secretary Sara Najeeb, had a virtual meeting with Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank. On Wednesday, a similar interaction was held with Mashreq Bank President and GCEO Ahmed Abdelaal. Both meetings had been arranged to “discuss the economic outlook and explore investment opportunities in Pakistan”.