The International Monetary Fund Executive board approved a three-year, $6 billion loan package for Pakistan on Wednesday.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
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.
"While uncertainty remains high, the near-term economic impact of COVID-19 is expected to be significant, giving rise to large fiscal and external financing needs," the international lender said in a statement.
Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo’s three-year, $12 billion loan programme with the lender.
The automobile industry in India is the world’s fourth largest. India was the world’s fourth largest manufacturer of cars and seventh largest manufacturer of commercial vehicles in 2019.
Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from the Saudi Arabian Monetary Authority’s foreign exchange (forex) reserves to the Kingdom’s Public Investment Fund in March and April.
The Sharjah Chamber of Commerce & Industry (SCCI), and Sharjah Islamic Bank (SIB) recently held a virtual joint meeting to discuss the latest developments of the impact of the new coronavirus (COVID-19) on the economy and explore avenues of the mutual cooperation to stimulate businessmen.