Pakistan Signs $700 million Commercial Loan Deal with China
- 22, February , 2023
Newstoday: A $700 million commercial loan arrangement between Pakistan and China revived the prospect of a $2 billion Chinese loan, which may help stabilize the country's foreign exchange reserves while waiting for IMF funding. The change occurred just days before another $300 million Chinese commercial loan was due for repayment. According to news sources, a $700 million loan arrangement between Pakistan and the China Development Bank was finalized last week, and the money transfer is anticipated to take place this week.
A loan would be rolled over in a day or two, and the finance secretary, Hamid Yaqub Shaikh, informed the National Assembly's Standing Committee on Finance. In the end, a decision was made. Another Uturn will be made this week according to the finance secretary. Pakistan has to repay 2 commercial moans, which is a total of $1.3 billion, to get money back instantly.
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