Loans from Middle East sought

As Pakistan begins seeking commercial loans from Middle Eastern banks to bridge a $2 billion external financing gap, the government informed a Senate panel on Thursday that the cost of borrowing from the International Monetary Fund (IMF) has exceeded 5%, making it an expensive option. On Thursday, Finance Minister Muhammad Aurangzeb reached out to Dubai Islamic Bank, requesting a commercial loan. This marked his second meeting with a Gulf bank in one week, following an earlier meeting with Mashreq Bank for financing. In a virtual meeting with Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank, Aurangzeb discussed Pakistan's economic trajectory and explored potential avenues for increased investment in the country, according to the finance ministry. Dr Chilwan expressed the bank's interest in playing a larger role in Pakistan's financial growth, particularly in sectors such as Islamic banking, infrastructure, and SMEs development.