Pakistan to receive one of the biggest loan tranche worth $3.28 billions

[SunilM]

Pakistan to receive one of the biggest loan tranche worth $3.28 billions

ISLAMABAD - Pakistan is all set to receive one of the biggest loan tranche from the International Islamic Trade Finance Corp.

The International Islamic Trade Finance Corp has agreed to lend Pakistan $3.285 billion, its chief executive said on Thursday.

"We will supply Pakistan with $3 billion to finance trade activities for a period of three years," Hani Salam Sonbol said, adding that the remaining $285 million would be to finance gasoline purchases.

Jeddah-based International Islamic Trade Finance Corp is the financing arm of the Islamic Development Bank for trade activities. It gave Islamic countries trade financing worth $40 billion in the past 10 years.

READ MORE: Pakistan took foreign loans worth $6.6 billion in last 7 months, setting a new record
"We will increase our funds to support trade activities and create job opportunities in the next 10 years", Sonbol told Reuters on the sidelines of a conference in Tunis, without elaborating.

This week the International Islamic Trade Finance Corp agreed a $1.5 billion financing deal with Tunisia to purchase essential commodities for public companies.

https://timesofislamabad.com/05-Apr...-the-biggest-loan-tranche-worth-3-28-billions

Congratulations!!

 

[HAIDER]

PMLn pay the late loan installment and this debt and old debt leave for new govt..... lol zzzzzzzz

 

[Skull and Bones]

Congratulations.

 

[Sankpal]

Congrats..

 

[Samlee]

Congratulations.

Congrats..

Thanks

 

[Riz]

Good formula to show patwari type paindu voters economic boom of noora era

 

[Papa Dragon]

Does the government actually use these loans for development or do the politicians eat away the lion's share of it just like how it happens in certain states for us

 

[Laozi]

"We will supply Pakistan with $3 billion to finance trade activities for a period of three years," Hani Salam Sonbol said, adding that the remaining $285 million would be to finance gasoline purchases.

Three years period is really a big breather for Pakistan

Congrats

 

[Śakra]

After bad mouthing the Ummah it looks like they were the only ones who came to your rescue.

 

[Skull and Bones]

After bad mouthing the Ummah it looks like they were the only ones who came to your rescue.

The cacophony of the crickets doesn't really matter in the jungle of politics.

 

[Imad.Khan]

Does the government actually use these loans for development or do the politicians eat away the lion's share of it just like how it happens in certain states for us

Pakistan has been blessed with amazing governments, especially the last 2 tenures. they are proudly corrupt and famous for fudging documents. We have no idea where all the loaned money goes. If someone ask questions, the records just get burnt.......accidentally ofcourse.

 

[takeitwithyou]

I see what you Indians did there cheeky

 

[ziaulislam]

great news ...

 

[SunilM]

It was needed as the situation is getting dire with every passing week.

Foreign exchange: SBP's reserves plunge 1.48%, now stand at $11.6b
Published: April 5, 2018

PHOTO: REUTERS/Mariana Bazo

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to remain under pressure, shrinking 1.48% on a weekly basis, according to data released by the central bank on Thursday.

The fall marks the 16th successive week of decline, fuelling concern over Pakistan’s ability to meet future payment obligations and manage a bulging current account deficit.

On March 30, foreign currency reserves held by the central bank were recorded at $11,602 million, down $174.1 million or 1.48% compared to $11,776.1 million in the previous week.

The decrease in reserves was attributed to external debt servicing and other official payments.

Foreign exchange: SBP’s reserves dip 1.4%, stand at $11.7b

Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $17,796.4 million. Net reserves held by banks amounted to $6,194.4 million.

Pakistan raised $2.5 billion in November 2017 by floating dollar-denominated sovereign bonds in the international market in a bid to shore up official reserves.

A few months ago, foreign currency reserves surged due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.

Earlier, the SBP received $350 million under the Coalition Support Fund (CSF). In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

https://tribune.com.pk/story/1678404/2-foreign-exchange-sbps-reserves-plunge-1-48-now-stand-11-6b/

 

[volatile]

https://timesofindia.indiatimes.com...t-of-US-economic-aid/articleshow/48093123.cms

India top recipient of US economic aid

Chidanand Rajghatta| TNN | Updated: Jul 16, 2015, 16:31 IST

1

Data compiled by USAID and released recently shows that India received $ 65.1 billion in economic assistance f... Washington's pet allies, Israel and Pakistan, received far more American dole in per capita terms.
Data compiled by USAID and released recently shows that India received $ 65.1 billion in economic assistance from the US in inflation-adjusted dollars in the period 1946-2012, closely followed by Israel, which received $ 65 billion.

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But considering Israel's population is less than 10 million compared to India's 1.2 billion-plus, the Jewish state has received 100 times more aid per capita than India. U.S assistance to India currently is only around $ 100 million after New Delhi embarked on a course of weaning itself away from aid to trade in the 1990s.




The difference between India and U.S client states such as Israel, Pakistan, Egypt, South Korea and others becomes all the more stark when one examines the American military assistance - negligible in the case of India -- to these countries.


TOP COMMENT
India top recipient of US economic aid in last 66 years. After 25 years India will return favour by making US top recipient of Indian economic aid.Kutbi Challawala
In addition to the $ 65.1 billion in economic aid, Israel received a staggering $ 134 billion in military support during the same period to enable its survival. Pakistan, which received $ 44.4 billion in economic aid for a population one-sixth of India's, also got with $12.9 billion in military assistance from the US through regular channels, not counting the billions it bilked more recently in the form of coalition support funds.




In contrast, India received a modest $897 million in military assistance (mostly in the aftermath of the India-China war in 1962) placing it 47 out of a list of 193 countries that have received U.S military aid. More recently, India has been purchasing billions of dollars worth of U.S military equipment and technology on commercial terms.

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