China has approved a loan of 700 million dollars to Pakistan. The amount will be transferred to the Central Bank of Pakistan this week. Finance Minister of Pakistan Ishaq Dar gave this information on Wednesday.
The announcement by Dar on the loan by the Board of China Development Bank (CDB) came a day after Pakistan’s National Assembly unanimously passed a money bill aimed at raising tax revenues to fulfill the demands set by the International Monetary Fund …
It is also said that it is included in various conditions related to the financial assistance of the International Monetary Fund.
Dar said that all the formalities have been completed with the China Development Bank and the amount will be transferred to the State Bank of Pakistan. He wrote on Twitter, “The board of directors of China Development Bank has approved a loan of 700 million dollars.” The State Bank of Pakistan said it expects to receive this amount this week. This will increase the country’s foreign exchange reserves.
According to a report, China has the highest debt in Pakistan. It is said that 30 percent of the current debt in Pakistan is only from China.
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