LAHORE: In a largely expected development, China will lend around $2 billion to bolster Pakistan’s foreign exchange reserves and avert further depreciation of the rupee against the greenback.
The Financial Times on Tuesday reported that two senior government officials informed China would be providing Pakistan $2 billion for preventing further devaluation of the rupee against the dollar and bolster its dwindling forex reserves.
A senior government official In Islamabad said, “China’s promise to Pakistan is an indication of their commitment to help us avoid a crisis. If the rupee falls sharply and we need to prevent its slide, we can turn to China.”
According to the report, China isn’t officially announcing the financial support being extended by it to Pakistan as the government faces high debt repayments, fiscal deterioration and sliding forex reserves.
Moreover, an English daily last month had reported China doesn’t want Pakistan to highlight its help for bolstering the country’s foreign exchange reserves.
The rupee has cumulatively depreciated by approximately 26% since January 2018 and the negotiations with the International Monetary Fund (IMF) regarding a potential bailout programme are set to resume later on this month.
In December, United Arab Emirates (UAE) pledged to park $3 billion in the State Bank of Pakistan after Saudi Arabia’s decision to extend $3 billion to Pakistan in October last year.
Profit in mid-December reported Pakistan may obtain at least $2 billion short-term loans from China after the conclusion of the Joint Coordination Committee (JCC) meeting in Beijing.
It was stated a short-term lending arrangement could be arranged with the Industrial and Commercial Bank of China (ICBC), according to the report.
According to sources at State Bank of Pakistan (SBP), during the visit of Prime Minister Imran Khan in November, the central bank was asked for a ‘situation analysis’ for the requested financial assistance.
The bank had reportedly finalised the report which was also to be discussed during the JCC meeting held in December last month.
I was wondering if you ever thought of changing the page layout of your website?
Its very well written; I love what youve got to say. But maybe you could a little more in the
way of content so people could connect with it
better. Youve got an awful lot of text for only having one or two images.
Maybe you could space it out better?
I’m amazed, I must say. Rarely do I encounter a blog that’s equally educative annd engaging,
and let me tell you, you hafe hit the nail on the head.
Thhe issue is something too few people are speaking intelligently about.
I am very happy that I found this in my search for something concerning this.
And you can find 1000s of reviews online which shows that a
fairly large quantity of golfers make use of this magical device.
The game of golf will not be the identical using
this piece of cutting edge technology. So the meaning of
a Tournament Legal Golf Rangefinder is but one which has a chance to provide yardage distance measurements only and it is used under tournament or competition conditions in which
the local rule has become enforced.
Comments are closed.