ISLAMABAD :Pakistan will this week receive a new $700 million loan from China to help shore up its foreign exchange reserves, the South Asian country's finance minister said on Wednesday.The credit facility, extended through the state-owned China Development Bank, comes as Pakistan is thrashing out a deal wit
ISLAMABAD :Pakistan will this week receive a new $700 million loan from China to help shore up its foreign exchange reserves, the South Asian country's finance minister said on Wednesday.
"This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves," Finance minister Ishaq Dar said on Twitter. Pakistan is struggling with its worst economic crisis in decades and its foreign exchange reserves, at their lowest in 10 years, are only enough to pay for less than three weeks' worth of crucial imports. Meanwhile, fiscal adjustments demanded by the IMF are fuelling decades-high inflation.
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