Islamabad (July 28, 2018): China has agreed to immediately give a loan of $2 billion to newly formed government of Pakistan.
This loan will help to arrest the sliding official foreign currency reserves and provide much-needed breathing space to the new government.According to the sources of Ministry of Finance and the State Bank of Pakistan, over $1 billion has already been transferred to the SBP accounts this week. According to the sources of State Bank of Pakistan, the amount will push SBP-held foreign currency reserves past $10 billion.
SBP chief spokesperson have not confirmed to the statement of whether Pakistan had already received $1 billion of the $2 billion official bilateral inflow.
Previously, Chinese foreign ministry spokesperson has applauded Imran Khan’s remarks on China-Pakistan relations, in his post elections speech. He further added that, it shows China-Pakistan all-weather strategic partnership will not shake no matter how the domestic situation changes in the two countries.Chinese foreign ministry spokesperson appreciated that Imran Khan has said many times before that relations with China are the cornerstone of Pakistan’s foreign policy.
He said Imran Khan also mentioned in his post-election speech that he is willing to learn from China’s development experience, firmly supports the construction of the China-Pakistan Economic Corridor, and believes that this is of great significance to the development of Pakistan.