China gave loan to Pakistan.
China gave loan to Pakistan.
Economic crisis is continuing in Pakistan. He was wandering from door to door to get the loan. After this, a relief news has come for the economy of Pakistan. China has agreed to give loan to Pakistan which is on the verge of bankruptcy. China Development Bank suddenly gave $ 700 million to Pakistan on Friday. He has received this help from China at a time when Pakistan is already under a heavy burden.
Pakistan’s Finance Minister expressed gratitude
Pakistan’s Finance Minister Ishaq Dar described this loan as a lifeline for Pakistan and also said that China is a true friend of Pakistan. At the same time, the Prime Minister of Pakistan thanked China for this amount. The finance minister further said that earlier this week, the board of the China Development Bank has approved a $700 million line of credit facility for Pakistan and the formalities have been completed. The loan will bolster the country’s dwindling foreign exchange reserves, and the money is expected to be received this week.
America worried about this debt
America is very concerned about the loans being given to Pakistan and Sri Lanka. America feels that the loan given by China to these countries can be misused. Donald Lu, Assistant Secretary of State for South and Central Asian Affairs, told the media that this could be a ploy of the dragons. Pakistan has taken maximum loan from China. Along with this, China can impose its arbitrariness on these countries. Talks are going on between India and America on the issue of China.
Pak expects from IMF
Pakistan is now expecting foreign loan from International Monetary Fund. Pakistan is continuously in search of getting loan from IMF, the round of continuous negotiations is going on. Pakistan’s foreign exchange reserves which hit a low of USD 2.9 billion a few weeks back. Now after this it has increased to close to 4 billion US dollars.
