Economic strategy spelled out

Pakistan is considering Eurobonds, loans from other countries and commercial debt to replace a USD3.5 billion facility from the United Arab Emirates (UAE) and manage its foreign reserves, its finance minister said. Muhammad Aurangzeb also told Reuters the shock from the ongoing war in the Middle East meant that Pakistan must consider a strategic petroleum reserve and a faster switch to renewable energy. “All options are on the table,” Aurangzeb said when asked if the government was in talks with Saudi Arabia for a loan that could replace the UAE facility. READ MORE: Panda Bonds features outlined: External payments will be cleared as scheduled: Aurangzeb Reuters reported that Pakistan will return a USD3.5 billion loan to the UAE this month, putting pressure on its reserves and risking breaches of its International Monetary Fund (IMF) programme targets. The South Asian country has been thrust into the international spotlight as it plays the role of a mediator between the US and Iran to end the war in the Middle East.