International

Pakistan to receive over $2 billion loan from China

Cash-strapped Pakistan will receive over $2 billion loan from its “all-weather” ally China to provide a boost to its ailing economy, the country’s Finance Ministry has announced.

Ministry’s adviser and spokesperson Khaqan Najeeb Khan said that “all procedural formalities” for the transfer of the $2.1 billion (15 billion yuan) loan being provided by the Chinese government have been completed, and “the funds will be deposited in the State Bank of Pakistan’s account by Monday, March 25”, the Dawn newspaper reported.

Pakistan has received $1 billion each from Saudi Arabia and the UAE, as part of the bailout packages by the two Gulf nations to help shore up Islamabad’s dwindling foreign currency reserves.

Source: indiatoday.in

Leave a Reply

Your email address will not be published. Required fields are marked *