January 31, 2022
1 min read

Pakistan seeks $3 bn loan from China to stabilise forex reserves

 The Pak prime minister will depart for Beijing on February 3 and attend the inaugural session of the Winter Olympics there….reports Asian Lite News

Pakistan has set its sight on a loan to the tune of $3 billion from China to stabilise its dwindling foreign exchange reserves and also seeks an investment bonanza in half a dozen sectors during the visit of Pak Prime Minister Imran Khan to Beijing next week, Express Tribune reported.

In addition to political engagement, the Pak premier would also seek Chinese support in areas of finance, trade and investment.

The Pak prime minister will depart for Beijing on February 3 and attend the inaugural session of the Winter Olympics there.

A senior finance ministry official said the government was considering requesting China to approve another loan to the tune of $3 billion in China’s State Administration of Foreign Exchange, known as SAFE deposits, the report said.

China has already placed around $11 billion with Pakistan in the shape of commercial loans and foreign exchange reserves support initiatives, including $4 billion in SAFE deposits.

The Chinese money is part of the country’s current official foreign exchange reserves recorded at $16.1 billion.

In the last fiscal year, the country had paid over Rs 26 billion in interest cost to China only for using a $4.5 billion Chinese trade finance facility to repay the maturing debt.

Last month, Pakistan also received a Saudi loan of $3 billion, which the country has consumed. The foreign exchange reserves that before the Saudi injection stood at $15.9 billion have already fallen to $16 billion by January 21.

ALSO READ: Press freedom at stake in Pakistan

Previous Story

India working on a dedicated R&D policy to bolster pharma sector

Next Story

Beijing’s propaganda documentary to declare triumph over graft

Latest from -Top News

‘Kill and Dump’ Haunts Balochistan Again

The latest killings have reignited accusations of extrajudicial executions and the use of counterterrorism laws to cover up custodial deaths in Balochistan….reports Asian Lite News Concerns have deepened across Balochistan following the

‘ASEAN Expands, But Keeps Its Soul’

Malaysian Foreign Minister Mohamad Hasan urged ASEAN to uphold its unity and strategic resolve amid intensifying geopolitical tensions and mounting external pressures…reports Asian Lite News Consensus and inclusivity will remain the cornerstones

Bangladesh bends to beat Trump’s blow

Dhaka seeks compromise as Trump’s 35% tariff looms large over key exports; Washington urges worker protections, factory relocation to US…reports Asian Lite News Bangladesh has opened the second round of critical trade

China seethes as US lands F-35s in PH

As US F-35 jets land in the Philippines for the first time, Manila cements its frontline role in Washington’s power play against rising China….reports Asian Lite News The Philippines is rapidly cementing
Go toTop

Don't Miss

US House passes resolution seeking probe into Pak elections

The resolution emphasised the importance of free and fair elections,

China activates emergency response to floods, typhoon

Affected by the typhoon, parts of the two provinces will