Pakistan News

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  • Loan recovery eludes India’s banks

    MUMBAI: A recovery in India’s credit growth could elude the country’s banks until early 2016, despite an economy that in the first three months of this year is expected to have outpaced China...

    ”Bhattacharya forecast loan growth of 14pc for the current financial year to March 2016 for SBI...

  • $1bn loan by Chinese banks will further strengthen Pak-China economic ties: SBP governor

    Pakistan has once again turned to China for help in avoiding a foreign currency crisis by borrowing $1 billion from Chinese banks in April on "good, competitive rates”, the Financial Times (FT) reported on Wednesday...

    The publication ran an interview of State Bank of Pakistan (SBP) Governor Tariq Bajwa, who said that the loans by Beijing-backed banks would further strengthen the economic ties between the neighbouring countries that...

  • Govt hires UAE banks to raise $200m loan

    DUBAI: The Government of Pakistan is raising a $200 million syndicated loan with three United Arab Emirates (UAE) banks, banking sources familiar with the matter said, as Islamabad clings to external funding to stave off the pressure on balance of payments...

    The loan, with a one-year maturity, is being arranged by Commercial Bank of Dubai, Emirates NBD, and Noor Bank, said the sources...

  • $375m syndicated loan signed with UAE banks

    DUBAI: Pakistan signed a $375 million syndicated loan with banks in the United Arab Emirates in June made up of conventional and Islamic banking tranches, the government said on Saturday...

    The tranches were fully subscribed by a syndicate of leading UAE banks, the statement said...

  • World Bank asked to rectify error about loan payable by Pakistan

    ISLAMABAD: Insisting that its external repayment obligations stand at $18 billion for the current year, Pakistan has asked the World Bank (WB) to rectify its ‘error’ that put external obligations at $31bn...

    In a recent report, the World Bank has estimated Pakistan’s current year international repayment obligations at $31bn, raising public concern that the country may not have enough resources to meet these targets...

  • Islamic loan books shift towards profit-sharing in Pakistan, Indonesia

    DUBAI: The make-up of Islamic banks’ loan books is changing in Pakistan and Indonesia with the growing use of profit-sharing contracts that could help Islamic finance win more customers in the two largest Muslim-majority countries...

    Over the past year Pakistan and Indonesia have stepped up efforts to develop their Islamic finance sectors, with regulators and religious scholars addressing criticism that the industry often merely...

  • ADB approves $20mn loan to increase credit access in Pakistan

    The Asian Development Bank (ADB) has approved a $20 million loan to help Pakistan’s Khushhali Microfinance Bank (KMBL) to expand access to credit for agriculture-related borrowers and small businesses, KMBL announced this on Monday...

    "Agriculture and small business are critical sectors in Pakistan’s economy that play a significant role in job creation and poverty reduction," said Christine Engstrom, Director of ADB’s Private Sector...

  • ADB to provide Pakistan $800 million loan for energy sector

    ISLAMABAD: The government of Pakistan and the Asian Development Bank (ADB) signed on Thursday a letter of exchange for the establishment of Pakistan National Fund for Disaster Management (PNFDM), a program loan for the sustainable energy sector program and two other projects worth of $800million in the energy sector...

    The letter of exchange and loan agreements were signed by the Secretary Economic Affairs Division (EAD), Tariq Bajwa...

  • World Bank approves $825m loan for Pakistan infrastructure

    The World Bank has granted Pakistan a $825 million loan to upgrade the energy and public finance sectors in a country which has long struggled with chronic power shortages and poor fiscal management...

    Just over half the loan, $425 million, would be used to modernise the national grid, the World Bank said on Wednesday...

  • Weak economy forcing Pakistan to seek loan from IMF: report

    WASHINGTON: A weakening economy is forcing Pakistan to seek another loan from the International Monetary Fund (IMF) and may also affect its ability to buy defence equipment, says a report released this week...

    The report by Avascent, a consulting firm which advises international defence contractors, revi­ews the impact of this economic slowdown on Pakistan’s defence purchases, but it also includes a brief review of the nat­ional...

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