With shipping disrupted by US-Iran tensions, Islamabad activates overland corridor to move stranded cargo into Iran.
Pakistan is considering financing from both countries and banks as options to repay a US$3 billion loan from the United Arab Emirates and help maintain foreign exchange reserve levels amid soaring oil prices, Finance Minister Muhammad Aurangzeb said. The South Asian country this month failed to reach an agreement with the UAE to roll over the debt for the first time in seven years, adding pressure on external buffers at a time when the economy is getting hit by the fallout from the conflict in...
Days before Pakistan had helped to secure a ceasefire in the Iran war this week, the United Arab Emirates was seeking repayment of a US$3.5 billion deposit from Islamabad’s central bank. The withdrawal, brushed off as a “routine financial transaction” by Pakistan’s foreign ministry, equated to roughly 21 per cent of the country’s foreign exchange reserves. It was accompanied by a wave of criticism on Emirati social media directed at Islamabad. “When our security is directly threatened, we hear...
Pakistan braces for gas shortage crisis as LNG supplies collapse amid escalating regional conflict.