China to provide USD 2.5 bn loan to Pak to boost foreign cash reserves
Islamabad, Feb 2 (PTI) China will provide USD 2.5 billion in loans to Pakistan to boost the foreign exchange reserves of its “all-weather ally”, a media report said Saturday.
Pakistan is nearly broke with the drying up of foreign cash reserves and mounting external debt.
The country’s USD 8.12 billion reserves, which are below the minimum level that the International Monetary Fund (IMF) and the World Bank (WB) prescribe, are sufficient to cover only seven weeks of imports.
Due to this, the WB and the Asian Development Bank are not providing loans for budget financing.
KV Online
