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Pakistan to borrow $4bn loan from Saudi-backed Islamic Development Bank

ISLAMABAD: Pakistan plans to borrow more than $4bn from the Islamic Development Bank as part of efforts to revive the economy and restore the low levels of foreign currency, according to a report in the Financial Times. The Financial Times quoted two anonymous officials saying 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. Asad Umar, who is proposed as the next finance minister, is expected to accept the offer. “The paperwork is all…