ISLAMABAD: The federal government has decided to seek $5 billion in loans from China, Russia and Kazakhstan as Pakistan make desperate efforts to stabilise forex reserves, ARY News reported on Monday, citing well-placed sources.
As per details, Pakistan is expecting to get $3 billion loan from China and $2 billion from Russia and Kazakhstan. The loan from China will be used for stabilizing the foreign reserves, while $2 billion loan that is expected from Russia and Kazakhstan will be utilised for ML1.
Initially, the finance ministry sources added, the loan agreement with China will be signed for one year period, the sources saidOn January 28, the foreign exchange reserves held by the central bank fell 846 million during the week ending on January 21, the data released by the State Bank of Pakistan (SBP) said.
Sharing a break-up of the foreign reserves position, the central bank had said that foreign currency reserves held by the SBP were recorded at $16.2bn, down $846mn.
Pakistan was one of the first nations to formally join President Xi Jinping’s Belt and Road Initiative, according to Prime Minister Khan.
“My government is fully committed to making CPEC a High Quality Demonstration Project of BRI,” he said, adding that “there is complete consensus in Pakistan on the indispensability of CPEC for Pakistan’s national development.” “CPEC, the BRI’s flagship project, is extremely important to our two nations strategically and economically,” he said.
Also Read: Russian Troops Take Over Ukraine: Mariupol Rockted by Blasts
