China’s central bank (CB) offered medium-term loans to financial institutions on Tuesday in an attempt to get more affordable funds to struggling smaller firms, as it steps up efforts to support a slowing economy.
The International Monetary Fund Executive board approved a three-year, $6 billion loan package for Pakistan on Wednesday to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures.
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.
Pakistan and the World Bank on Tuesday signed three loan agreements worth $918 million to help support revenue mobilisation and higher education development in the country.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
China’s banks extended new yuan loans in August as policymakers ratcheted up support for the slowing economy, and further policy easing is expected in coming weeks as the Sino-US trade dispute takes a bigger toll on the economy.
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.
Citizens whose monthly income is below Dhs15,000 and families of deceased citizens exempted from repaying the remainder of housing loans to the Sheikh Zayed Housing Programme