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Pakistan has agreed $1 billion loan with two Middle East banks

  • Pakistan has finalized terms for a $1 billion loan from two Middle Eastern banks at a 6%-7% interest rate, as announced by Finance Minister Muhammad Aurangzeb during the World Economic Forum's annual meeting.
  • The loans are short-term, with a tenure of up to one year, and are part of Pakistan's plan to raise $4 billion from Middle Eastern banks by the next fiscal year.
  • Pakistan aims to improve its credit rating, with Moody's and Fitch recently upgrading it to 'Caa2' and 'CCC+' respectively, due to better macroeconomic conditions.
  • The first review of the $7 billion IMF Extended Fund Facility is scheduled for late February 2025, with discussions on additional funding for climate initiatives expected to advance during the IMF mission.
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