Pakistan The financial situation is not taking the name of improving. Now Pakistan is unable to repay the debt taken from China on time. Therefore, he has requested China to resure the loan. Let us tell you that Pakistan has requested China to resure a $ 3.4 billion loan for two years to bridge the foreign funding difference marked by the International Monetary Fund (IMF). This was said in a media report on Saturday. In the last five months, Islamabad has requested Beijing to resure the loans provided by its Exim Bank for the second time. Quoting government sources, the newspaper ‘The Express Tribune’ has said that Deputy Prime Minister Ishaq Dar made a formal request during the visit of Beijing this week.
Loan from exim bank
Government officials said that Pakistan has requested China’s export-utmost (Exim) bank to consider the renovation of its loans from October 2024 to September 2027. A two -year extension was sought to repay the official and guaranteed loans received from the Exim Bank. Pakistan will continue to pay interest. Sources said that Pakistan had to identify financing sources to meet the external financing gap of five billion dollars for a three -year program period. He said that Chinese officials are positive and hopeful that Beijing will accept Pakistan’s request to reduce external funding problems. Earlier, in September last year, the Finance Minister wrote a letter to the Exim Bank requesting the Rishdeool. According to a joint statement issued by China-Pakistan on Thursday, the Pakistani side reiterated its praise for its valuable support for its fiscal and financial stability. This statement was released after President Asif Ali Zardari’s state visit to Beijing.
Pakistan’s economic growth speed sluggish
Pakistan could not accelerate economic growth in the first seven months of the current financial year, while the central bank had cut the interest rate by 10 percent during this period. A media report has given this information. Pakistan has reduced the interest rate from one percent to 12 percent, which is 10 percent less than 22 percent of June last year. It was expected that this decision would help in speeding up money supply and growth. According to the report of the newspaper ‘Dawn’, monetary expansion remained negative during the first seven months of the current financial year (July-June) despite a steep fall in the interest rate.
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