Economic turmoil, Pakistan borrows another $1 billion from China

ANI reported on June 17 that Pakistan needs IMF disbursement to avoid the risk of default.

ARY News quoted the State Bank of Pakistan (SBP) as confirming on the evening of June 16 that the country had received $1 billion from China as Pakistan was waiting for the IMF to disburse a loan in the bailout program.

Commenting on the country's dwindling foreign exchange reserves, Pakistan's Finance Minister Ishaq Dar said the country had just repaid a $1.3 billion loan to China but would receive refinancing from Beijing around the end of this week or early next week.

Kinh tế hỗn loạn, Pakistan vay thêm Trung Quốc 1 tỉ USD - Ảnh 1.

ARY News quoted the State Bank of Pakistan (SBP) on the evening of June 16 confirming that the country had received $1 billion from China. Photo: ANI

"SBP will receive $1.3 billion from China today or June 19. Negotiations for a $2 billion swap are also underway with Beijing," Dar said on June 16.

There is no sign that Pakistan will receive any financial assistance from outside amid political instability.

Pakistan barely has enough foreign exchange reserves to pay for imports for a month. According to Dawn , the country hopes to receive $1.1 billion of the funds in November. However, the IMF has stressed that Pakistan must meet certain conditions before any disbursement is approved.

Minister Dar held several meetings but failed to convince top IMF officials to complete the ninth review to secure the $1.1 billion disbursement deal.

Pham Nghia

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