Pakistan receives $1b loan from China

Karachi: Pakistan’s central bank announced on Friday that it has received a $1 billion loan from China, bringing the country’s foreign exchange reserves back to over $4 billion.

According to the State Bank of Pakistan, receiving one billion dollars from China has a direct impact on foreign exchange reserves.

According to the State Bank, after receiving 100,000 dollars from China, the government’s foreign exchange reserves crossed the level of 5 billion dollars.

Earlier, while briefing the National Assembly’s Standing Committee on Finance, Ishaq Dar said that the debt we have paid to China is being recovered. One billion dollars will arrive from China today or Monday. He said that negotiations with China for one billion dollars have been completed, while negotiations with the Bank of China for 300 million dollars are going on. China will also give more dollars to Pakistan under the swap agreement.

The finance minister had said that the delay in the budget strategy paper was due to delay in discussions with the International Monetary Fund (IMF). The IMF has set conditions for external financing, which they are fulfilling, clapping with both hands, all arrangements have been made. A gas pipeline asset of 50 billion dollars is with Pakistan, while 6 thousand billion dollars can be obtained from Rekodec.