Islamabad: Pakistan struggling with money crunch China has received $1 billion from close ally China to support its depleted foreign reserves amid uncertainty over whether to revive the stalled economy. international monetary fund loan,
The State Bank of Pakistan (SBP) on Friday night confirmed receiving the amount from China without sharing any other details about it. That would add to reserves of about $3.9 billion that have fallen in recent weeks.
Earlier Finance Minister Ishaq Dar said that Pakistan had paid $1 billion to China last Monday in lieu of the dues of $1.3 billion and was expected to return the amount.
Pakistan’s economy on the brink of default as the IMF pushes the county to its limits to meet its demands – which Islamabad has already met – to provide the remaining $2.5 billion out of a $6.5 billion bailout package agreed in 2019 For.
The full amount is unlikely to be paid as the program expires on June 30, but Pakistan has been pushing for the $1.1 billion tranche as a symbolic gesture of support for its policies by the Washington-based fund.
The State Bank of Pakistan (SBP) on Friday night confirmed receiving the amount from China without sharing any other details about it. That would add to reserves of about $3.9 billion that have fallen in recent weeks.
Earlier Finance Minister Ishaq Dar said that Pakistan had paid $1 billion to China last Monday in lieu of the dues of $1.3 billion and was expected to return the amount.
Pakistan’s economy on the brink of default as the IMF pushes the county to its limits to meet its demands – which Islamabad has already met – to provide the remaining $2.5 billion out of a $6.5 billion bailout package agreed in 2019 For.
The full amount is unlikely to be paid as the program expires on June 30, but Pakistan has been pushing for the $1.1 billion tranche as a symbolic gesture of support for its policies by the Washington-based fund.