New Telegraph

China Stretches Hand Of Support For Pakistan

China has stretched out another loan of $600 million to Pakistan, helping the cash-scarce country to prop up its depleting foreign exchange reserves and contain a deepening balance of payment crisis.

Announcing the development at a ceremony in the capital Islamabad on Tuesday, Pakistani Prime Minister, Shehbaz Sharif said that China’s Exim Bank provided the rollover.

The latest intervention, which is in addition to over $5 billion in loans that Beijing has rolled over for Islamabad over the past three months, has come on the heels of a $3 billion loan deal with the International Monetary Fund (IMF).

“Our foreign exchange reserves are increasing but we want to do it not through loans but generating our income,” Sharif said.

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Islamabad received $1.2 billion of the total $3 billion IMF package last week, in addition to $2 billion and $1 billion from Saudi Arabia and the United Arab Emirates, respectively.

With the fresh transfers, the country’s forex reserves have reached over $13 billion.

Of these $13 billion, some $8.6 billion are held by the country’s central bank, while the remaining are with the commercial banks.

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