Saturday, July 20, 2024

Pakistan Gets $1 Billion Loan from China

Pakistan, facing a financial crisis, has received a significant amount of $1 billion from its longtime ally and global lender, China. This financial assistance brings relief to the country’s decreasing foreign exchange reserves.

The State Bank of Pakistan has confirmed the receipt of these funds, providing some stability. Additionally, the finance minister has announced ongoing negotiations for a $2 billion swap with China. This funding arrives at a crucial time as Pakistan faces challenges in securing external financing.

SQUTalks with the International Monetary Fund (IMF) and concerns raised by Moody’s Investor Service regarding the risk of default have added to the complexities. The political instability within the country has further complicated the process of resuming the loan tranche with the IMF.

Related Articles

Latest Articles