China lends $1 billion to Pakistan to arrest declining forex reserves
The country’s foreign exchange reserves fell to $9.66 last week from $16.4 billion in June, shows the official data. Economic Analysts forecast that the country would turn to International Monetary Fund (IMF) for a fresh bailout.
Pakistan's dependency on its neighbouring country, which is running multi-billion dollar projects in the South Asian state under the China-Pakistan Economic Corridor (CPEC). The load was issued following negotiation held in May.
However, the Ministry of Finance has not confirmed the report.
China lent Pakistan $1.5 billion in the wake of bilateral loans during the first ten months of the fiscal year, the media outlet said, adding that an amount of $2.9 billion was received from Chinese banks through commercial bank loans.
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