China is once again giving a loan of $1.3 billion to Pakistan which is on the verge of bankruptcy. Pakistan's Finance Minister Ishaq Dar gave this information on Friday. Dar said- the Industrial and Commercial Bank of China (ICBC) has approved this loan, which will help Pakistan to increase its dwindling foreign exchange reserves again. This money will be given in 3 installments. Out of this, the first tranche of 0.5 billion dollars has arrived in the Central Bank of Pakistan.
Dar said - We have never been poor and will never be. We returned $1.3 billion to China to repay its debt. China is giving this money back to us considering our economic condition. Foreign exchange reserves are left in the Central Bank of Pakistan only for 3 weeks of imports. Even before this, China has given us a loan of $ 0.7 billion to increase foreign exchange reserves.
Pakistan needs $5 billion
Dar pointed out that Pakistan needs foreign funding of $5 billion in the fiscal year ending in June to close its fiscal gap. He will be able to get more funding only after the deal is signed with the IMF. According to Dar, the deal is expected to be signed by next week.
The bailout package was signed with IMF in 2019
Pakistan has been discussing the loan with the IMF since the beginning of last month. If the deal is signed between the two, the IMF will release a tranche of about $1 billion for Pakistan under the $6.5 billion bailout fixed in 2019. In fact, in 2019, during Imran Khan's government, the IMF promised to provide more than $ 6 billion to Pakistan under the bailout package. Now, under this promise, Pakistan is seeking another tranche of $1.1 billion from the IMF.
Inconclusive talks with IMF
On 31 January 2023, an IMF team led by Nathan Porter reached Pakistan. The meeting of this team was held in two phases with Finance Minister Ishaq Dar. During this, Pakistan demanded a loan from the IMF under the bailout package. However, this meeting which lasted for 10 days was inconclusive.
Bharat Ratna: BJP leader LK Advani will get Bharat Ratna, CM Yogi congratulated; said this
Veteran Bharatiya Janata Party leader Lal Krishna Advani will be honored with the country's highe
Actor and filmmaker Satish Kaushik passed away on Wednesday at the age of 66. His friend and co-a
Malti Chahar, the sister of Indian cricketer Deepak Chahar, is in the news these days. She joined
All five people aboard the missing submarine died in the North Atlantic. A wreckage of the missin
About 38 crore rupees will be spent on the security plan of the temple of Ramlala. The funds have
Young Indian batter Tilak Varma achieved a major milestone in the third T20I match played in Dhar
Some videos of Salman Khan are viral on social media, in which he attended a Ganpati festival wit
PM Modi recently made many big announcements on the occasion of Independence Day on 15 August. Th
Air pollution is increasing in many states including Delhi NCR. From central to state governments
People had just emerged from the China New Epidemic Corona epidemic and now the threat of another
