In July 2020, Pakistan had secured $800 million worth of foreign loans, showing a 100% increase in foreign borrowing in the first month of current fiscal year. The government borrowed $61 million from Ajman Bank and another $88 million from Standard Chartered Bank, London, according to the economic affairs ministry. The principal debt worth $11.2 billion was repaid but new foreign loans are increasing the cost of servicing. Documents to this effect were signed and exchanged between Kuninori and Ministry of Economic Affairs Additional Secretary Zulfiqar Haider. The government has not yet appointed a permanent secretary of economic affairs and the post has remained vacant for the last over two months.

Source: The Express Tribune September 01, 2021 03:22 UTC