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Islamabad: Cash-strapped Pakistan It received $1 billion from close ally China to prop up its very low foreign reserves amid uncertainty about a revival IMF loan.
The State Bank of Pakistan (SBP) confirmed on Friday night that it had received the amount from China without sharing any further details about it. It will add to reserves, which have fallen to nearly $3.9 billion in recent weeks.
Earlier, the Minister of Finance Ishaq Dar He said Pakistan paid $1 billion to China last Monday for an outstanding amount of $1.3 billion and it is hoped that the amount will be returned.
Pakistani economy It is on the verge of default as the International Monetary Fund pushes the boycott to its limits to meet demands – which Islamabad is already insisting on meeting – to provide the remaining $2.5 billion of the $6.5 billion bailout package agreed in 2019.
The full amount is unlikely to be paid as the program expires on June 30, but Pakistan is pressing for a tranche of $1.1 billion as a symbolic sign of endorsement of its policies by the Washington-based fund.
The State Bank of Pakistan (SBP) confirmed on Friday night that it had received the amount from China without sharing any further details about it. It will add to reserves, which have fallen to nearly $3.9 billion in recent weeks.
Earlier, the Minister of Finance Ishaq Dar He said Pakistan paid $1 billion to China last Monday for an outstanding amount of $1.3 billion and it is hoped that the amount will be returned.
Pakistani economy It is on the verge of default as the International Monetary Fund pushes the boycott to its limits to meet demands – which Islamabad is already insisting on meeting – to provide the remaining $2.5 billion of the $6.5 billion bailout package agreed in 2019.
The full amount is unlikely to be paid as the program expires on June 30, but Pakistan is pressing for a tranche of $1.1 billion as a symbolic sign of endorsement of its policies by the Washington-based fund.
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