ISLAMABAD – Cash-strapped Pakistan received a new $600 million loan from iron friend China to help shore up its foreign exchange reserves.
Pakistan has been struggling to economically survive in light of low forex reserves, soaring inflation, and acute balance of payment crisis.
In recent development, Prime Minister Shehbaz Sharif confirmed that Beijing rolled over a $600 million loan to Islamabad, which is said to be a breathe of fresh air. Addressing Prime Minister’s Youth Sports Initiative in the capital, the premier said the Exim Bank of China provided the rollover.
PM said assistance from friendly nations is improving Pakistan’s economic indicators.
Last month, China has rolled over a $1 billion loan, providing much-needed relief as cash strapped country faces a balance of payment crisis.
The federal government is also making several changes in tax collection but fiercely resisted some of the measures demanded by the IMF, like cuts on subsidies and amnesties.
