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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 Pakistani government said on Saturday.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, emirates NBD Bank, Noor Bank , Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
The Central Bank of the UAE (CBUAE) is enhancing its reporting of Non-Performing Loans (NPL) for the UAE banking system to align its methodology with international best practices, in consultation with the International Monetary Fund.
The Asian Development Bank (ADB) approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen economy besides approving $300 million to support energy sector reforms.
Pakistan presented a Rs7.13 trillion tax-free deficit federal budget in the National Assembly on Friday with its major portions allocated for debt servicing and defence.
Risk sentiment was also undermined after Federal Reserve officials expressed concern that rising coronavirus cases could harm economic growth just as stimulus measures start to expire.
A string of positive indicators from China to the US in recent weeks — as well hopes for a vaccine and the easing of lockdowns around the world — has added fuel to a global rally that has lifted equities out of the March depths.
Across Pakistan's "mango belt" in Punjab and Sindh provinces, farmers say a long winter and changing rain patterns have slashed production by up to half this year -- just as virus shutdowns sparked border restrictions and spiralling export costs.
The United Arab Emirates stock markets closed higher on Tuesday, led by financials and property shares. Dubai’s main share index gained 0.5%, led by a 1.5% rise in blue-chip developer Emaar Properties and a 0.5% gain in Emirates NBD Bank.