ISLAMABAD: With a $3 billion lifeline announced by the United Arab Emirates(UAE) on Friday, Pakistan has plugged half of its financing gap inclusiveof Saudi Arabia’s financial assistance.
However, the government is still clamouring to obtain another $6 billionmajorly from commercial banks, reports *Express Tribune.*
Now the Ministry of Finance financing listing exhibits deposits of $6billion by the monetary authorities, after the funding received from SaudiArabia and the UAE.
Following it is the anticipated financing facilities from the IslamicDevelopment Bank (IDB) and Saudi Arabia to the tune of a projected $4.3billion in the current financial year.
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But $4.5 billion will still be needed in the shape of commercial loans fromforeign banks to meet the revised financing needs of $22 billion, saidsources in the finance ministry.
According to the sources, Pakistan had fetched $450 million worth offoreign commercial loans during July-November of FY19 and another $4billion was required for the remainder of the current financial year.
