Pakistan seeks another loan of $700 million
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ISLAMABAD:
Despite all the tall claims by the incumbent government, Pakistan is seeking another loan of $700 million for the balance of payment.
Pakistan is seeking $700 million for balance of payments’ support in the next two months from the Asian Development Bank (ADB) and France, loans that are aimed at offsetting pressure from the external account that has come under strain due to a growing trade deficit.The finance ministry is in negotiations with the Manila-based lending agency to seek two policy loans, each of $300 million, in the name of Public Sector Enterprises (PSEs) Reforms-tranche-II and Sustainable Energy Sector Reforms-tranche III, said sources.
A $100-million loan by the French Development Agency (AFD) France is also pegged with the $300-million ADB energy sector loan, they added.