Pakistan’s central bank has announced a $1 billion loan from China.
In its statement, the bank said it had “received $1 billion from China”, without talking about any other loan details.
Pakistan’s finance minister, Yitzhak Dar, said in a speech to parliament that $1.30 billion had recently been paid to settle a Chinese loan, but Dar said the loan would be refinanced by China.
Pakistan is in talks with China to obtain another loan worth $2 billion. “
Pakistan’s and IMF’s talks had not failed and the stage of negotiations between the parties had not ended.
Pakistan’s economy has been suffering for years because of the country’s accumulated external debt, inflation, high prices, and delays in reaching an agreement with the International Monetary Fund to obtain a $1.1 billion loan as part of an expanded $6.5 billion loan.
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