The head of Pakistan's international financial institution refutes reports indicating a delay in loan approvals
"Tentative board approval dates for all of our proposed trades, as well as their amounts, are indicative and a decision is made by the arena financial institution at the time
On Wednesday, information circulated that the multilateral lender had delayed the approval of loans for Pakistan worth $1.1 billion until the next fiscal year
Pakistan continues to reel from devastating floods that have caused losses of more than $30 billion. Foreign exchange reserves held by Pakistan's
At one point on Wednesday, Kingdom Bank of Pakistan (SBP) Governor Jameel Ahmad expressed optimism that Pakistan's foreign exchange reserve position
We are anticipating inflows from next week, which will ease the pressure on our foreign exchange reserves,” the SBP governor said in his speech at the Federation of Pakistan
Ahmad expressed his dedication to tackling the problems of industrialists, stating that the country's foreign exchange reserves have been depleted to a low level
“But we may see an increase in bookings as tasks within the pipeline begin to materialize quickly, in an effort to improve our ability to facilitate organizations,” he said.
Separately on Wednesday, Ahmad said the UAE has transferred a $2 billion loan and assured businessmen that they will facilitate their imports with the credit rating of suppliers.