Pakistan signs new $343.5 million credit facility to finance BOP gap

The financing comprises a $165.5 million conventional facility and a $178 million Islamic facility.

Pakistan, through its Ministry of Finance, has signed a new $343.5 million credit facility comprising a syndicated conventional facility of $165.5 million and a $178 million Islamic facility, Credit Suisse announced in a media release.

Oversubscribed by 1.7 times and reflective of strong demand from the syndicated loan market, Pakistan will use the 1-year financing to support its balance of payments, as well as its crude oil and petroleum imports, the announcement added.

While Pakistan had recorded a $1.25 billion surplus between July-December 2020, Pakistan’s current account deficit CAD rose from $629 million in December 2020 to $1.93 billion in December 2021 a figure equivalent to 7.6%...

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