ISLAMABAD — Pakistan continues to rely on global lender and friendly nations and the crisis hit nation has successfully received a substantial sum of $1 billion from all-weather friend China.
State Bank of Pakistan (SBP) confirmed the receipt of the funds late Friday. In a statement, the central bank said “This is to inform you that $1 billion has been received from China”.
The latest loan from Beijing comes on the heels of an announcement by Finance Minister Ishaq Dar who told the National Assembly’s (NA) Standing Committee on Finance and Revenue that Pakistan will get $1 billion from China.
The country’s finance czar also confirmed that negotiations for $2 billion dollar swap were also underway with China.
The latest funds are a sigh of relief for the South Asian nation as its forex exchange reserves plunged in recent times. Meanwhile, talks with IMF are underway with experts suggesting no signs of securing external financing any time soon amid political instability.
Sharif led government locked horns with international lender from Novembe 2022 to resume the loan tranche but two sides remain at loggerheads.
Earlier this week, Moody’s Investor Service said Pakistan is heading towards ‘default’, saying Pakistan cannot complete the current IMF loan program until June 30.
