China rolls over $600 million loan to cash-strapped Pakistan

ISLAMABAD – Prime Minister Shehbaz Sharif revealed on Monday that the Exim Bank of China had rolled over $600 million loan to Pakistan amid economic woes. 

The premier stated this while addressing the launching ceremony of the Prime Minister's Youth Sports Initiative in the federal capital. He said the country's foreign exchange reserves had further increased by $600 million.

He said the foreign exchange reserves were increasing but “we want to do it not through loans but boosting our income”. 

He said the youth of the country has the potential to excel and take the country forward in the fields of sports, Information Technology, industries and the agriculture.

He also paid tributes to the athletes for earning fame for Pakistan through their outstanding performances at international forums. He said the government has allocated Rs5 billion in the budget to meet the necessary expenditures in connection with promotion of sports in the country.

PM Shehbaz said if provided with the opportunity after the elections, they will allocate more resources for education, skills development and promotion of sports.