Pakistan plans to borrow more than $4bn from the Saudi-backed Islamic Development Bank as part of its attempts to restore dangerously low stocks of foreign currency.
Two officials have told the Financial Times that the Jeddah-based bank has agreed to make a formal offer to lend Islamabad the money when Imran Khan takes over as prime minister. They added that they expect Asad Umar, Mr Khan’s proposed finance minister, to accept.
“The paperwork is all in place,” said one senior adviser in Islamabad. “The IDB is waiting for the elected government to take charge before giving their approval.”
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