ISLAMABAD: Pakistan will borrow US$625mil from a consortium of seven local and foreign banks to boost reserves and stem a slide in the rupee currency, a senior finance ministry official said.
“Talks with the banks have been taking place for the past few months. Initially they were offering a loan with a 7.77% interest rate, but it was negotiated to 5.75% for one year,” the official, Rana Asad Amin, told Reuters yesterday.
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