Friday, August 12, 2022

China to transfer $2bn to Pakistan: Financial Times

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LONDON: A Britain newspaper has claimed that China is going to transfer two billion US dollars to Pakistan, to stabilize its financial condition, ARY News reported on Tuesday.

According to a report published in Financial Times, Pakistan’s old friend, China does not want to see Pakistan going through economic turmoil, and has decided to support Pakistan with $2billion aid in the present scenario.

“The aid will be helpful in boosting Pakistan’s foreign reserves,” the report reads.

Pakistan is also holding talks with the International Monetary Fund (IMF) for another bailout package, the next round of talks to take place in the current month of January.

Prime Minister Imran Khan, on December 28, had said that the PTI led federal government is not in hurry for International Monetary Fund (IMF) bailout package.

Talking to journalists in Islamabad, the PM said “Government will not take IMF’s dictation, neither in hurry for entering into another bailout program”.

It may be recalled that United Arab Emirates (UAE) had announced its intention to deposit US$3 billion in the State Bank of Pakistan to support Pakistan’s financial and monetary policy.

“The country’s support for Pakistan’s fiscal policy is based on the historical ties between the two people and the two friendly countries and the desire to further develop the bilateral cooperation in all fields,” reads the statement issued by Abu Dhabi Fund for Development

It is pertinent to note here that back in October, Saudi Arabia too agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis.

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