Pakistan expected to receive $700 million loan from Chinese bank this week: Dar

[FOOLS_NIGHTMARE]

Finance Minister Ishaq Dar announced on Wednesday that the board of the China Development Bank (CDB) has approved a loan facility of $700 million for Pakistan and formalities in this regard have been completed.
The State Bank of Pakistan (SBP) was expected to receive the money this week, which would help shore up the country’s dwindling foreign exchange reserves, Dar wrote on Twitter.

https://twitter.com/x/status/1628295933942177797

Pakistan is in dire need of funds as it battles a worsening economic crisis with the country’s foreign exchange reserves dropping to around $3 billion, barely enough to cover three weeks of controlled imports.
The government is currently holding virtual talks with the International Monetary Fund (IMF) for an economic bailout that would lead not only to a disbursement of $1.2bn but is also expected to unlock inflows from friendly countries and other multilateral institutions.

Dar had said earlier this year that the country’s foreign reserves situation would be “much better than you can think” by end-June.

China and Saudi Arabi would enhance their support, government-to-government (G2G) disinvestments would be completed, and the current account deficit would be about $3bn less than earlier projections, he had said.

Pakistan expected to receive $700 million loan from Chinese bank this week: Dar

Says formalities have been completed, loan will shore up foreign exchange reserves.

www.dawn.com

 

[VCheng]

Finance Minister Ishaq Dar announced on Wednesday that the board of the China Development Bank (CDB) has approved a loan facility of $700 million for Pakistan and formalities in this regard have been completed

Without knowing the details of the loan, it cannot be said whether this is a good or a bad thing for Pakistan.

 

[HAIDER]

Without knowing the details of the loan, it cannot be said whether this is a good or a bad thing for Pakistan.

Chinese loans are never fancy..

 

[VCheng]

Chinese loans are never fancy..

Exactly. This loan might an added millstone from China around Pakistan's financial neck and just another indication of Dar's desperation.

 

[epebble]

Without knowing the details of the loan, it cannot be said whether this is a good or a bad thing for Pakistan.

At this juncture any net positive funds flow into Pakistan is always good. It is hard to imagine anything bad.

 

[PakFactor]

Lol

 

[Menace2Society]

Noonies have already sold off Pakistan to the Chinese. I am sure the Sharifs got a fat backhander to push it through.

They did the same in Africa, corrupt governments are easy pickings.

 

[Abid123]

Country of 230 million has to loan 700 million USD

700 million USD/
230 million population= 3 USD dollar per person

 

[Sliver]

At this juncture any net positive funds flow into Pakistan is always good. It is hard to imagine anything bad.

if it comes at the cost of public lands/assets being sold for less than its actual value - even then?

 

[Abdul Rehman Majeed]

Thank you China

China is a true friend of Pakistan.

 

[epebble]

if it comes at the cost of public lands/assets being sold for less than its actual value - even then?

I am no agent for PRC, but at this time anything that changes hand from Pakistan to PRC cannot but be good since it will most likely be more productive. The greatest foreign policy triumph for the GOP would be to motivate and convince PRC that making Pakistan a Special Administrative Region (SAR) of PRC, like Hong Kong, would be in both countries interest. Pakistan will instantly be recapitalized and get a capable administrator. Better than slowly selling piece by piece and sending the proceeds to foreign banks of the 'leaders'.

 

[maithil]

No mention of important details.

 

[beijingwalker]

Exactly. This loan might an added millstone from China around Pakistan's financial neck and just another indication of Dar's desperation.

Are you saying that if China refuses to prop up Pakistan's foreign reserves and stays away from investing in Pakistan like the west does, then China will automatically become a Pakistan's true friend? what do you expect China to do anyway?

 

[IblinI]

Exactly. This loan might an added millstone from China around Pakistan's financial neck and just another indication of Dar's desperation.

？？？We should just sit and watch ？？？

 

[Raj-Hindustani]

Finance Minister Ishaq Dar announced on Wednesday that the board of the China Development Bank (CDB) has approved a loan facility of $700 million for Pakistan and formalities in this regard have been completed.
The State Bank of Pakistan (SBP) was expected to receive the money this week, which would help shore up the country’s dwindling foreign exchange reserves, Dar wrote on Twitter.

https://twitter.com/x/status/1628295933942177797

Pakistan is in dire need of funds as it battles a worsening economic crisis with the country’s foreign exchange reserves dropping to around $3 billion, barely enough to cover three weeks of controlled imports.
The government is currently holding virtual talks with the International Monetary Fund (IMF) for an economic bailout that would lead not only to a disbursement of $1.2bn but is also expected to unlock inflows from friendly countries and other multilateral institutions.

Dar had said earlier this year that the country’s foreign reserves situation would be “much better than you can think” by end-June.

China and Saudi Arabi would enhance their support, government-to-government (G2G) disinvestments would be completed, and the current account deficit would be about $3bn less than earlier projections, he had said.

Pakistan expected to receive $700 million loan from Chinese bank this week: Dar

Says formalities have been completed, loan will shore up foreign exchange reserves.

www.dawn.com

Seriously? 700 Miliion?

I had anticipated that China and Pakistan would sit down and come up with a solution, such as China lending Pakistan $10 billion at 1% interest.

Pakistan might begin paying back the loan after five years and finish in ten.

since both countries have a strong relationship.