IMF Program: Private Bank Agrees to Restore $1 Billion Loan for Pakistan

Islamabad: The Pakistani government has requested a $1 billion loan from a private bank to secure approval for the IMF program. This loan is crucial for filling the external financing gap required for the IMF’s endorsement.
According to sources, Pakistan has formally requested Standard Chartered Bank to restore a commercial loan ranging between $800 million and $1 billion. The bank has indicated its willingness to reinstate the credit line for Pakistan in principle.
Additionally, Pakistan has made a similar request to Saudi Arabia, seeking the reinstatement of a $1.2 billion oil facility. Once confirmation is received from Saudi Arabia, Pakistani authorities will sign the Letter of Intent and submit it to the IMF Executive Board for approval.