China has once again given a big help to Pakistan and has approved a loan of 10.6 thousand crores. The surprising thing is that Pakistan already has a debt of billions of dollars on China.
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Pauper Pakistan to finally China Has once again given a great help. The Industrial and Commercial Bank of China has approved a loan of 1.3 billion dollars i.e. 10 thousand 600 crore rupees for Pakistan. Finance Minister Ishaq Dar told that this will help in increasing the foreign exchange reserve. He told that this loan from China will be given in three installments, in which Pakistan Central Bank has received $ 500 million i.e. four thousand crore rupees.
Pakistani Finance Minister told that this help from China is very important. With this, the loan will be repaid and the forex reserve can be increased. Even before this, China had given a loan of 700 million dollars to its friend to increase the forex reserve, which helped in increasing the forex reserve by 20%. The surprising thing is that China is giving loans to Pakistan at a higher interest rate than other lenders.
Pakistan has to pay a debt of 5 billion dollars
Pakistan already has a debt of billions of dollars to China. Despite this, he has taken a loan from China. Actually, many Chinese projects are also going on in Pakistan, on which billions of rupees have been spent. Pakistani Finance Minister Ishaq Dar says that after the end of the current financial year in June, it has to repay a debt of $ 5 billion, for which foreign funding will be required. For foreign funding also, Pakistan will need International Monetary Fund’s clearance, which the Pakistani minister said will be signed next week. According to the IMF rules, Pakistan had to first take moratorium from the lenders from whom it has taken loans, where China has given it a moratorium of two years.
100 billion dollar debt on Pakistan
The total debt on Pakistan is 100 billion dollars and 30% of it is from China alone. Meanwhile, Pakistan’s difficulties also increased because China has asked it to repay the loan of $ 55.6 million by November 2023. Let us tell you that West Asian Bank alone has a debt of $ 8.77 billion on Pakistan, which includes China’s state-owned Bank of China, ICBC and China Development Bank.
