International desk:
China has given cash-strapped Pakistan a two-year loan of $2.4 billion to help boost its foreign exchange reserves. Pakistan's Finance Minister Ishaq Dar made the announcement on Thursday. “China’s EXIM Bank has provided a total of $2.4 billion in two-year loans. $1.2 billion for FY2023-24 and $1.2 billion for FY2024-25. '
Dar said, “Pakistan will only pay interest in these two fiscals.” Pakistani Prime Minister Shahbaz Sharif announced some time ago that China loaned it $600 million to help Pakistan in view of its weak economy has given.
This was in addition to the more than $5 billion in loans that China gave in the last three months to help prevent the major ally from defaulting . China has repeatedly helped Pakistan meet its debt obligations through provision of new loans and rollover of existing loans.
According to Dawn newspaper report,Pakistan last received a $3 billion bailout package from the IMF on June 30, which later distributed an initial advance installment of about $1.2 billion. This was followed by $2 billion from Saudi Arabia and $1 billion from the United Arab Emirates.
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