Sunday, March 7, 2021
Home News Reports China to extend USD 2.1 billion loan to Pakistan to fight its economic crisis

China to extend USD 2.1 billion loan to Pakistan to fight its economic crisis

China had agreed in November last year to help out Pakistan but the deal was still at the negotiation stage

China, like a good neighbour, is making every effort to help its friend and neighbour Pakistan during its economic crisis. Dragon has decided to give USD 2.1 billion loan to Pakistan to revive its sinking economy. According to Pakistan’s Ministry of Finance, the amount will be transferred to the State Bank of Pakistan (SBP).

Finance ministry adviser and spokesperson Dr Khaqan Najeeb Khan informed that all the procedural formalities for the transfer of the loan have been completed and the funds will be deposited in the SBP account by March 25. “The loan facility will further strengthen foreign exchange reserves and ensure a balance of payment stability”, said Khan.

In November last year following a meeting between Chinese Premier Li Keqiang and Pakistani PM Imran Khan in Beijing, China had said that it was ready to help its neighbour in its economic crisis but the terms and conditions of the assistance were still being discussed. China is also investing in multiple sectors and launching business ventures in Pakistan instead of providing loans, as was disclosed by Chinese Consul General Long Dingbin in an interview.

Last year Pakistan had also sought the assistance of International Monetary Fund (IMF) to bail out the country from its economic crisis. However, the IMF had stated in clear terms that the country would have to maintain transparency regarding the already taken loans from countries like China. It required Pakistan to disclose all the details regarding $62 Billion investment from China under the One Belt One Road initiative.

Pakistan is in the Grey list of the Global terror financing watchdog Financial Action Task Force (FATF) which condemned the Pulwama terror attack and at the same time called out Pakistan for failing to take appropriate action regarding terror funding. Being in the grey list of the FATF is causing hardships to the country as it makes it difficult to get international loans.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

40 year old Mohammed Intezar trying to marry minor Hindu girl, insist Hindu orgs, Delhi Police denies: Details

Hindu activists have alleged that a minor Hindu girl was converted and being married off to a 40-year-old Mohammed Intezar Hussain.

‘Biggest crime is I am Muslim’: TMC MLA breaks down into tears after being denied ticket, calls party the ‘B Team’ of BJP

Sitting Trinamool Congress MLA from Nalhati, Moinuddin Shams, has announced in tears that he has quit the party.

This time it’s personal: Suvendu Adhikari vs Mamata Banerjee in Nandigram is officially on, the most high profile contest this election season

The BJP has announced that Suvendu Adhikari will be the party candidate versus Mamata Banerjee from Nandigram.

Violence in Bengal, election rigging, misgiving of Congress, Abbas Siddiqui, COVID-19 and China: CPI (M) leader Rabin Deb talks to OpIndia

Rabin Deb, one of the tallest leaders in West Bengal of the CPI (M) talks to OpIndia ahead of the 2021 elections, TMC and BJP

Antilia bomb scare: Mansukh Hiren had written to Maharashtra CM and others alleging harassment by police and journalists. Read details

Two days before Mansukh Hiren had gone missing, he had sent a letter to Maharashtra CM, HM, and the police alleging mental harassment

NCPCR to take action against Christian NGO Persecution Relief for tarnishing the reputation of India

NCPCR said that Persecution Relief published a false report about the abuse of Child protection law in India and shared it in 150 countries

Recently Popular

Kiren Rijiju gives befitting reply to ‘befitting reply queen’ Taapsee Pannu’s boyfriend, who wanted the law to bend to his whims

Matthias Boe, boyfriend of actress Taapsee Pannu, had appealed to Kiren Rijiju to 'do something' to help the actress.

Indian Govt should ask badminton coach and Taapsee Pannu’s boyfriend Mathias Boe to quietly do his job or quit

Mathias Boe had tweeted tagging Minister Kiren Rijiju, asking him to do 'something' about the IT raids on his girlfriend Taapsee Pannu

After IT raids, Taapsee Pannu suffers a meltdown and admits that she was questioned about cash receipts of Rs 5 crores

Taapsee Pannu attempted to take a sly at Finance Minister Nirmala Sitharaman for simply clarifying the facts about the raids

‘Does money in Bollywood come from Ganga?’: Shiv Sena mouthpiece claims Taapsee Pannu, Anurag Kashyap targeted for supporting ‘farmer protests’

The Saamana editorial asked why only Taapsee Pannu and Anurag Kashyap were targeted and not other Bollywood celebrities.

Crores of undisclosed income, unexplained cash receipts and more: IT Dept discovery so far in raids against Anurag Kashyap, Taapsee Pannu

Income Tax department (IT dept) conducted raid on properties linked to filmmaker Anurag Kashyap, actress Taapsee Pannu and others

Her husband used to talk vulgar to girlfriend in front of her: Here is what the lawyer of Ayesha, who jumped into Sabarmati river,...

Ayesha, who committed suicide by jumping into the Sabarmati River in Gujarat on March 1, had a disquiet marital life
- Advertisement -

 

Connect with us

253,231FansLike
522,352FollowersFollow
23,800SubscribersSubscribe