His evergreen friend China has come forward to help Pakistan, facing an economic crisis. He has approved a loan of $ 70 million. Pakistan Finance Minister Ishaq Dar has reported the approval of the loan by the Development Bank Board of China.
Pakistan can get money this week
Ishaq Dar tweeted that the formalities have been completed and the Board of Chinese Development Bank has approved $ 700 million for Pakistan. This amount is expected to be received by the State Bank of Pakistan this week, which will increase its foreign exchange reserves.
Significantly, Pakistan is struggling with the balance of payment. This increased further this year, causing the foreign exchange reserves to reach a lower level. On 10 February, there were only $ 3.2 billion in foreign exchange reserves, which was sufficient for only three weeks of imports. Because of this, the government has banned all kinds of imports except the goods and medicines needed. This restriction has been imposed until the bailout amount is received.
The money Bill was passed unanimously in National Assembly
Just a day earlier, Pakistan's National Assembly unanimously passed a money bill to meet the demands of the IMF to get help from the International Monetary Fund (IMF).
The government headed by Prime Minister Shahbaz Sharif has decided to increase the tax and implement measures to cut government expenditure. At the same time, the government has issued instructions to the Ministry of External Affairs to reduce several foreign missions abroad and reduce their offices, employees, and other measures.
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