Good news for bankrupt Pakistan as China extends repayment period of Rs 165000000000 by…, Shehbaz Sharif to…, IMF says…
Pakistan is seeking a fresh loan tranche from the International Monetary Fund (IMF), with the Washington-based lender’s team currently in Pakistan for negotiations.
New Delhi: In a first-rate vogue that promises to give some reduction to the bankrupt Pakistan, the Xi Jinping-led Chinese govt has determined to prolong the compensation duration of USD 2 billion loan by 300 and sixty five days. The selection will ease the stress from the World Monetary Fund on the buck-deficit nation. The loan became in the beginning due for compensation on March 24, but China has agreed to prolong the decrease-off date, providing Pakistan with important financial reduction.
The Geo Data say quoting the Ministry of Finance has confirmed the rollover by China, adding that this extension comes as Pakistan faces financial challenges, including stress on foreign trade reserves.
It is serious to showcase that around 92 percent of Pakistan’s exterior debt is owed by three major sources, including multilateral and bilateral collectors as well to thru global bonds. Among the bilateral collectors, China is on the tip conserving in look for the total exterior debt and liabilities.
Meanwhile, the cash-strapped nation is searching for a fresh loan tranche from the World Monetary Fund (IMF), with the Washington-based lender’s crew currently in Pakistan for negotiations.
Islamabad secured the USD 7 billion Extended Fund Facility (EFF) final summer season to abet claw its come out of an financial disaster. The programme has performed a key role in stabilising Pakistan’s financial system and the government has stated the nation is heading in the correct path for a long-term recovery.
(With PTI Inputs)
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