China has agreed to provide $2.5 billion in loans to Pakistan to boost official foreign exchange reserves that are not sufficient to provide cover to even two months of imports despite receiving $4 billion loans from two Middle Eastern countries.
“Beijing will place the $2.5 billion in deposits with the central bank,” a top government functionary.
With the anticipated $2.5 billion deposits, China’s contribution in this fiscal year alone would surge to $4.5 billion.
In July, China had also deposited $2 billion with the State Bank of Pakistan. In the past five years, China has emerged as Pakistan’s single largest saviour in times of economic crisis.
Bol Tv
