(Islamabad Reuters) Industrial and Commercial Bank of China ABC approved a loan period for Pakistan's $ 1.3 billion (S $ 1.749 billion) on Pakistan on Friday (March 3).
Pakistan Treasury Secretary Dal said in Twitter that the relevant quota will be paid in three phases, and the Pakistani Central Bank has received the first phase of $ 500 million, "this will increase foreign exchange reserves."
Dar said that this money was repaid to China Industrial and Commercial Bank of China in recent months, and it is critical to the country's economy that is facing the international income and expenditure crisis.
The Pakistani Central Bank's foreign exchange reserves have fallen to the level of barely enough to pay for three weeks of imports.
Earlier, Pakistan has obtained a loan of $ 700 million from China to increase its foreign exchange reserves, plus the latest approved loan exhibition period of 2 billion US dollars.Dal acknowledged that Pakistan actually re -borrowed a loan that was originally repaid to Beijing.
He said that Pakistan will need $ 5 billion in external financing to make up for the fiscal gap in the fiscal year, and the fiscal year will end in June.Only after the Islamabad and the International Monetary Fund (IMF) signed an agreement next week, more external funds will flow into Pakistan.
