Pakistan receives $1b rollover from China

ISLAMABAD: Pakistan received $1 billion from China on Friday, the Ministry of Finance has confirmed.

According to sources, this is a commercial loan from China. Pakistan had paid back the loan to China last week which was rolled over by the lender.

Meanwhile, Pakistan’s ambassador to China Moin ul Haque said that China has notified the import of meat from Pakistan. he said that Pakistan could earn $15 billion from meat export to China.

Ambassador Haque said “this is an important development in Pakistan-China relations.”

Earlier this week, Finance Minister Ishaq Dar said that discussions were under way with the Bank of China for a loan of $300 million.

Dar also mentioned that funds were being disbursed in accordance with the China-Pakistan Economic Corridor (CPEC) agreement.

“The International Monetary Fund (IMF) has set certain conditions for external financing, which the government is diligently meeting,” he said.

Expressing satisfaction with the financial arrangements, Dar stated, “We have made all the necessary preparations, and we are in a strong position. Pakistan possesses valuable assets, including a $50 billion gas pipeline asset and the potential to secure $600 billion from the Reko Diq project.”

He reassured the public that Pakistan’s financial position remains stable. He dismissed claims about the looming financial crisis, saying, “Nothing will happen to this country. We have assets.”

He acknowledged the challenges posed by Pakistan’s external debt but maintained that the country should resort to prudent financial management. He said that Pakistan will live within its means and resources.

Dar said that he had to bear the brunt of exile for his mantra to put up within the resources. He expressed the confidence that the dollar will return to its actual position in due time.

Amidst ongoing geopolitical dynamics, Dar criticized the existence of unfavourable politics targeting Pakistan. He highlighted that the IMF’s 9th review, which was expected to be completed in February, was still pending.

He emphasized that Pakistan possesses significant assets and urged the nation to remain focused on managing their finances responsibly.