$500m from China for Pakistan

[Omar1984]

$500m from China for Pakistan

LAHORE: China on Saturday released $500 million to Pakistan to improve the country’s foreign currency reserves, a private TV channel reported. The Reserve Bank of China transferred the amount to the State Bank of Pakistan, the channel said. It quoted Finance Ministry officials as saying that Pakistan’s foreign exchange reserves currently stood at $10.2 billion after China released the amount. daily times monitor


Daily Times - Leading News Resource of Pakistan

Thank you China. No Pakistani will ever forget all that China has done for Pakistan.

Long Live China-Pakistan Friendship

 

[TruthSeeker]

The article doesn't say if it is a loan or a grant. Probably a loan......

 

[Beskar]

We can always count on them for support. And a few days back a couple of "Haters" were all caught up with how China's not helping us with our problems any more.

God bless china!

 

[metalfalcon]

The article doesn't say if it is a loan or a grant. Probably a loan......

Yes you are right but we need to increase our foreign reserve and this money will count a lot at Critical times. USA Paid us just 101 Million for WOT co-operation for April 2008 to January 2009.

 

[Fennecus]

It's a loan, most likely a low-interest one.

 

[Omar1984]

Pakistan gets another $500m from China

Sunday, January 25, 2009
By By Khalid Mustafa

ISLAMABAD: Pakistan received another tranche of $500 million from China here on Saturday to further strengthen the foreign reserves position.

With injection of $500 million in deposits of the State Bank of Pakistan, the foreign exchanges reserves would swell to $10.2 billion, a senior official in the ministry of finance told The News. Syed Wasim, Spokesman of State Bank of Pakistan, the country earlier received the same amount of $500 million in June 2008 meaning by that Beijing has provided sigh of relief by giving $1 billion from June 2008 till now for purely strengthening the foreign reserves of the country.

To a question, he said the central bank some time in the middle of the Musharraf’s regime has also received $500 million in support of reserves and paid back some of the principle amount. Right now, after paying back some of the amount to China, the bank possesses Chinese relief of $1.3 billion. The official said the SBP right now retains $10.2 billion out of which commercial banks have $3.3 billion. The official said the SBP received $3.1 billion from the International Monetary Fund so far out of its bailout package of $7.6 billion.

The official said it is Beijing, which proved that Pak-China friendship is stronger than Himalayas’ peaks.

Pakistan gets another $500m from China

Pakistanis are grateful to you China.
LONG LIVE PAKISTAN-CHINA FRIENDSHIP

 

[omerhhh]

A loan or a grant either way the money is very useful.China is i beleive pakistan's best ally.The U.S only backs pak up a bit because of the war in afghanistan.

LONG LIVE CHINA-PAKISTAN FRIENDSHIP!!!!

 

[Patriot]

Thanks China

 

[cherryerror]

$500m loan or grant from china is not enough for our neighbour Pakistan government who is in financial difficulties at the moment. I think it is more like a posture, an action on the surface, you know, due to a variety of reasons. However, in private Chinese government would and should offer more help to Pakistan in financial field.

 

[TOPGUN]

Thankyou China our good friend !!

 

[IceCold]

Instead of cheering for the loan that we got, we need to push GOP to start working so that these situations doesn't rise again where we need to ask for loans and aids. Nothing comes for free and we by now should understand this fact that its high time for Pakistan to stand on its own rather then relying on allies and friends.

 

[ju87]

lol $500m. That's probably Anil Ambani's pocket money.

 

[Jihad]

lol $500m. That's probably Anil Ambani's pocket money.

And the winner of todays bad joke contest is...........

 

[roadrunner]

lol $500m. That's probably Anil Ambani's pocket money.

Yes, but there's only one or two of them in India, and they can buy the government.

 

[Omar1984]

lol $500m. That's probably Anil Ambani's pocket money.

Why doesn't he help the millions in India living below the poverty line then?