Friday, September 18, 2020
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.

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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.

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Staff reporter at OpIndia

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