Today: 5 August 2025
31 January 2022
1 min read

Pakistan on a borrowing spree

Sources reported that the country’s Finance Ministry has finalised the plan for the loan and an agreement in this regard will likely be signed with China during Prime Minister Imran Khan’s visit to Beijing next month…reports Asian Lite News

Amid devastating economic condition, Pakistan has decided to seek a loan of around USD 5 billion from China, Russia and Kazakhstan.

According to local media, the country plans to borrow 3 billion US dollars from China and 2 billion USD from Russia and Kazakhstan.

The News International citing sources reported that the country’s Finance Ministry has finalised the plan for the loan and an agreement in this regard will likely be signed with China during Prime Minister Imran Khan’s visit to Beijing next month.

Imran Khan is set to depart for Beijing on February 3. The Pakistani Prime Minister will attend the inaugural session of the Beijing Winter Olympics 2022.

On Tuesday, a final meeting of the top Pakistani officials will take place to shape the agenda of Imran Khan’s visit.

Beijing has already placed around USD 11 billion with Islamabad in the shape of commercial loans and foreign exchange reserves support initiatives, including USD 4 billion in SAFE deposits. The Chinese money is part of Pakistan’s current official foreign exchange reserves recorded at USD 16.1 billion, said The Express Tribune.

Pakistan, in the last fiscal year, paid more than Pkr 26 billion in interest cost to Beijing. Notably, Pakistan paid the heavy amount only for using a USD 4.5 billion Chinese trade finance facility to repay the maturing debt.

It comes as Saudi Arabia last month granted a loan of USD 3 billion to Pakistan. The loan has been consumed by the country and the foreign exchange reserves that before the Saudi injection stood at USD 15.9 billion have already fallen to USD 16 billion by January 21, according to The Express Tribune. (ANI)

ALSO READ: Pakistan, Afghanistan set up committee on Durand line

Previous Story

Hong Kong’s Chief Executive not to attend Beijing Olympics opening ceremony

Next Story

Sheikh Mohammed receives Israeli president

Latest from -Top News

US Mulls Terror Tag for Muslim Brotherhood

The US’ plan to designate the Muslim Brotherhood as a terrorist group comes after a bipartisan bill was introduced by Republican Congressman…reports Asian Lite News The US is once again edging closer

Hamas Sets Terms For Disarmament

HAMAS: ‘The resistance and its weapons will not be abandoned until our full national rights are restored, foremost among which is the establishment of an independent, fully sovereign Palestinian state’ Hamas affirmed

Statehood For Palestine

Analysts see the general move as a deliberate push to revive a stagnant peace process long controlled by Israel, Hamas and the United States, all of whom, they say, have shown little

IBPC Dubai charts new growth path

Former Tata Motors CEO Ravi Kant headlines exclusive event as Indian business council sets course for transformation….reports Asian Lite News The Indian Business & Professional Council (IBPC) Dubai has signalled a significant

Miles in the Malls!

Dubai Mallathon kicks off today – The emirate’s biggest malls transform into indoor fitness arenas, inviting residents to walk, run, and win — all while staying cool, healthy, and community-connected….reports Asian Lite
Go toTop

Don't Miss

Anti-Pak militants released by Taliban enter Pakistan

Heavily armed, more than 4000 militants of TTP travelled in

Beijing controls influencers through state, non-state actors

Earlier, State-run news outlets and local governments have organized and