SBP denies statements regarding loans from China

LAHORE: In a statement released here on Saturday, State Bank of Pakistan (SBP) has denied claims made in a news item published by Pakistan Today claiming that SBP Governor Tariq Bajwa has confirmed that China has been assisting Pakistan to stave off the foreign currency crisis.

Earlier, Pakistan Today reported that in an interview to the Financial Times, SBP Governor Tariq Bajwa said that $1 billion in financing had been obtained from Chinese banks in April ‘to help avoid a foreign currency crisis’ and were obtained at ‘good, competitive rates.’

The SBP statement read, “Apropos the statements and headlines published, it is rebutted that such statements have been made by the SBP governor.”

It further read, “In the statement made by the governor in an interview to the Financial Times, and printed as ‘in an interview with the Financial Times’, Tariq Bajwa confirmed loans were made by Beijing-backed banks at what he said were “good, competitive rates”.

SBP noted that statements made by Tariq Bajwa were twisted to create misleading statements and were falsely attributed to the governor.

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