Pakistan has approached three banks in the United Arab Emirates (UAE) for a $1 billion commercial loan to meet a key condition set by the International Monetary Fund (IMF), ARY News reported on Tuesday, citing sources.
Minister for Finance Muhammad Aurangzeb chaired virtual meetings with three UAE banks, including Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank, and discussed their support to Pakistan’s development and fiscal objectives, according to a statement by the Finance Ministry.
The Minister highlighted Pakistan’s steady progress toward macroeconomic stability and emphasized that structural reforms in the country form the basis of this recovery.
He appreciated Asian Development Bank’s collaboration and support to Pakistan’s fiscal and development goals.
