China rolls over another $600m Pakistan loan: PM Shehbaz Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif said on Tuesday that China has rolled over a $600 million loan to Pakistan, helping shore up the country’s foreign exchange reserves, ARY News reported.

Launching the Prime Minister’s Youth Sports Initiative in Islamabad today, the prime minister said the Exim Bank of China provided the rollover, increasing the country’s foreign exchange reserves by $600m.

“Exim Bank of China rolled over $600 million to Pakistan, which increased our foreign currency reserves,” the premier said, adding that the assistance from friendly countries is improving economic indicators.

Meanwhile, the State Bank of Pakistan said the current account recorded a surplus of $334 million in June.

In a tweet, Dar shared some figures of the current account and said “that’s how Pakistan didn’t default”.

Current Account Surplus (CAS) for June2023 closed @ $ 334 million against Current account Deficit (CAD) of
$ 2,321 million in June2022

CAD for FY23 closed @
$ 2.56 billion, which is 14.65% of CAD of US$ 17.48 billion for FY22.

That’s how Pakistan didn’t default! AlhamdoLilah

— Ishaq Dar (@MIshaqDar50) July 18, 2023

Paying glowing tributes to the athletes for earning fame for Pakistan through their outstanding performances, PM Shehbaz Sharif said Rs5 billion have been allocated in the budget to meet the necessary expenditures in connection with promotion of sports.

The Prime Minister said if provided with the opportunity after the elections, they would provide more resources for education, skills development and promotion of sports.

The Prime Minister’s Youth Sports Initiative encompasses establishment of Sports Endowment Fund, the country’s first sports University in Islamabad, Elite Sportsperson Development Program and measures for promotion of traditional as well as e-sports.