By Ariba Shahid
KARACHI (Multibagger) - In an exclusive interview with Multibagger, Pakistan's central bank governor revealed plans to raise up to $4 billion from Middle Eastern commercial banks in the upcoming fiscal year. This move comes as Pakistan seeks to bridge external financing shortfalls that have been a pressing concern for the country.
State Bank of Pakistan Governor Jameel Ahmad disclosed that Pakistan is currently in advanced negotiations to secure an additional $2 billion in external financing. This funding is crucial for the approval of a $7 billion bailout program by the International Monetary Fund.
Analysis:
Pakistan's efforts to secure external financing from Middle Eastern banks could have significant implications for the country's economic stability. By filling financing gaps, Pakistan aims to strengthen its financial position and gain access to much-needed funds for development projects and debt repayment. This move could also boost investor confidence in Pakistan's economy, potentially leading to increased foreign investment and economic growth.