ISLAMABAD: Pakistan is negotiating with Middle Eastern banks to secure approximately $4 billion in loans to address its external financial needs for the current fiscal year. This is part of the broader $7 billion Extended Fund Facility (EFF) awaiting approval from the International Monetary Fund (IMF).
Finance Minister Muhammad Aurangzeb, accompanied by his team including Minister of State for Finance Ali Pervaiz Malik, Finance Secretary Imdadullah Bosal, and Additional Secretary Sara Najeeb, held a virtual meeting with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, on Wednesday. A similar meeting was held with Mashreq Bank President and GCEO Ahmed Abdelaal.
The purpose of these meetings was to discuss Pakistan’s economic outlook and explore investment opportunities. Minister Aurangzeb highlighted the country’s efforts to stabilize the economy and improve the business environment, including reforms in taxation, business practices, and the restructuring of state-owned enterprises (SOEs).
Dr. Chilwan reaffirmed Dubai Islamic Bank’s interest in enhancing its role in Pakistan, particularly in Islamic banking, infrastructure, and SME development. Similarly, Ahmed Abdelaal expressed Mashreq Bank’s interest in deepening its engagement in Pakistan’s financial sector and contributing to various sectors such as infrastructure, energy, technology, agriculture, and SMEs.
The discussions underscored the strategic importance of Pakistan as a market for investment and reflected a mutual commitment to strengthening economic ties between Pakistan and the UAE.
