Today: 27 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

HIV Pills Run Dry After US Cuts

South Africa’s government has pledged that the US withdrawal of about £335 million in support will not collapse its HIV programme, the largest in the world On a warm evening in Johannesburg,

India, Kuwait Hold Talks on Strategic Ties

The two sides agreed to hold the next round of Foreign Office Consultations in Kuwait at a mutually convenient date…reports Asian Lite News India and Kuwait on Tuesday held the seventh round

India Condemns Killing of Journalists in Gaza

An Israeli airstrike on Nasser Hospital in southern Gaza killed at least 20 people, including five journalists…reports Asian Lite News Expressing “deep regret” over the killing of journalists in Gaza’s Khan Younis,

Foreign Labour Seen as Lifeline for Rich Economies

Across advanced economies, falling fertility rates are reshaping societies. Christine Lagarde, President of the European Central Bank, highlighted how crucial foreign workers had become for sustaining the eurozone’s economy Central bankers from
Go toTop

Don't Miss

Pak NSA warns TLP protesters

Pakistans National Security Adviser (NSA) Moeed Yusuf has warned the

MQM founder pledges to free Sindh from Pakistan

Further slamming the Pakistan army, he said that every country