Pakistan Loan: Pakistan will receive another $600 million loan from China: PM Shehbaz Sharif | International Affairs


ISLAMABAD: Pakistan with money has received an additional loan of $ 600 million from its all-weather partner China to help restore the country’s foreign currency in line with the IMF agreement, Prime Minister. Shehbaz Sharif he said on Tuesday.
It is in addition to the more than $5 billion in loans that Beijing has extended to Pakistan in the past three months, helping the debt-ridden country to avoid defaulting on the debt while talks to raise IMF funds continue, the Dawn newspaper reported.
Pakistan received $3 billion from the government The International Monetary Fund on June 30, which later issued an initial capitalization of approximately $1.2 billion.
Sharif said China’s Exim Bank has provided foreign exchange financing, increasing the country’s foreign exchange reserves by $600 million.
“Our foreign investment is increasing but we want to do this not through loans but to get money,” he said at the event.
Apart from the repayment of the IMF loan and the Chinese loan, financial assistance of $ 2 billion from Saudi Arabia and $ 1 billion from the UAE after the IMF agreement has contributed to the stability of Pakistan’s economy, the report said, quoting Finance Minister Ishaq Dar.
The State Bank of Pakistan said the current account posted $334 million in June.


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