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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.

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Publication:Mena Report
Geographic Code:9PAKI
Date:Sep 12, 2017
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