Pakistan has formally requested a commercial loan between $800 million and $1 billion from Standard Chartered Bank (SCB) to help fill a crucial financing gap needed to secure approval for the International Monetary Fund’s (IMF) $7 billion Extended Fund Facility (EFF).
The News International reported, citing top official sources, that SCB has agreed in principle to resume its credit line for Pakistan.
Although Pakistan reached a staff-level agreement with the IMF on July 12, 2024, the country has yet to be included in the IMF board’s calendar up to September 13.
State-run news agency APP reported that Finance Minister Senator Muhammad Aurangzeb on Wednesday held a virtual meeting with Sunil Kaushal, Global Head of Corporate & Investment Banking at SCB, to discuss expanding investment opportunities in Pakistan.
The meeting, also attended by Rehan Shaikh, CEO of Standard Chartered Pakistan, and senior finance officials, focused on potential collaboration in infrastructure, digital banking, and sustainable finance.
During the discussion, the minister underscored the positive trajectory of Pakistan’s macroeconomic indicators and expressed the government’s commitment to maintaining economic stability through various reforms.
“Our government is dedicated to creating a conducive environment for foreign investments, ensuring that Pakistan remains a competitive and attractive destination for global investors,” Senator Aurangzeb remarked.
The dialogue focused on exploring potential collaborations between the government and Standard Chartered Bank, particularly in sectors such as infrastructure development, digital banking, and sustainable finance.
The finance minister assured the SCP team of the government’s full support in facilitating their initiatives and expressed optimism about further strengthening the partnership with Standard Chartered Bank.
On the occasion, Kaushal expressed his confidence in Pakistan’s economic outlook and reiterated Standard Chartered’s long-term commitment to the country.
“Standard Chartered views Pakistan as a key market with vast opportunities and we are committed to deepening our engagement with the country by extending all kinds of investment and financial support needed to fulfil the country’s economic ambitions, in the present as well as the years to come,” he said.
The meeting concluded with both parties agreeing to explore specific investment projects in the coming months.
