Printer Friendly

Pakistan : Pakistan receives $230m loans to cushion forex reserves.

In order to keep the official forex reserves at a level sufficient to provide cover to 3-month import bill, Pakistan has secured two short-term loans worth $230 million from global banks,

The country raised $153 million from Citibank in August, apart from Islamic Development Bank (IDB) which offered a $77 million short-term loan in July to import crude oil.

The short-term loan from the IDB has been offered to import crude oil from Saudi Arabia and the lender directly pays the oil supplier on behalf of an oil importer.

It partially helped reduce pressure on the countrys foreign exchange reserves.

[c] 2017 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2017 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:9PAKI
Date:Sep 12, 2017
Words:113
Previous Article:Samoa : Tuvalu and Nauru sign deal for 5,000 tons boulder procurement.
Next Article:Canada : Sun Life Global Investments inks deal to acquire emerging market manager.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters