Reported about 19 hours ago
Pakistan has secured a $4.5 billion Islamic finance deal with 18 banks to tackle its power sector's growing debt crisis, aiming to address unpaid bills and subsidies that hinder economic stability. The financing, endorsed by the IMF, features lower interest rates and a repayment plan spread over six years. This initiative supports Pakistan's goal to transition away from interest-based banking by 2028, amidst ongoing challenges linked to the IMF program and high legacy debts.
Source: YAHOO