Pakistan decides against taking loan from commercial bank at 11% interest rate

Pakistan has ‘decided’ against taking loans from commercial bank at higher interest rate. As per sources, the finance ministry has decided not to proceed with borrowing from a commercial bank at an 11% interest rate. Prime Minister Shehbaz Sharif reportedly directed the finance minister to avoid taking expensive loans. Although an agreement had been made with commercial banks for a loan at 11% interest, the government has now decided not to take the funds. In case of a financing gap, loans will be sought from other sources at lower interest rates, the sources aware about the development said.