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Islamabad: Cash-strapped Pakistan Prime Minister Shahbaz Sharif said on Tuesday that his country had received an additional $600 million loan from its all-weather ally China to help boost the country’s foreign exchange reserves on the back of a deal with the International Monetary Fund.
Dawn reported that, in addition to the more than $5 billion in loans Beijing has renewed to Pakistan in the past three months, helping the heavily indebted country avoid default as negotiations continue to secure an International Monetary Fund bailout.
Pakistan received a final bailout of $3 billion from the International Monetary Fund on June 30, which later disbursed an initial advance payment of about $1.2 billion.
Sharif said China’s Exim Bank provided the extension, which increased the country’s foreign exchange reserves by $600 million.
“Our foreign exchange reserves are increasing but we do not want to do that through loans but through income generation,” he said at an event here.
The report, quoting Pakistani Finance Minister Ishaq Dar, said that apart from the International Monetary Fund bailout plan and the Chinese loan, financial support worth two billion dollars from Saudi Arabia and one billion dollars from the UAE after the IMF agreement helped stabilize the Pakistani economy.
The State Bank of Pakistan said the current account registered a surplus of $334 million in June.
Dawn reported that, in addition to the more than $5 billion in loans Beijing has renewed to Pakistan in the past three months, helping the heavily indebted country avoid default as negotiations continue to secure an International Monetary Fund bailout.
Pakistan received a final bailout of $3 billion from the International Monetary Fund on June 30, which later disbursed an initial advance payment of about $1.2 billion.
Sharif said China’s Exim Bank provided the extension, which increased the country’s foreign exchange reserves by $600 million.
“Our foreign exchange reserves are increasing but we do not want to do that through loans but through income generation,” he said at an event here.
The report, quoting Pakistani Finance Minister Ishaq Dar, said that apart from the International Monetary Fund bailout plan and the Chinese loan, financial support worth two billion dollars from Saudi Arabia and one billion dollars from the UAE after the IMF agreement helped stabilize the Pakistani economy.
The State Bank of Pakistan said the current account registered a surplus of $334 million in June.
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