China agreed to offer $2.5 bn loan to increase foreign exchange reserves

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According to sources, China is agreed to offer huge $2.5 billion loan to increase the foreign exchange reserves of Pakistan.

The foreign exchange reserves can be significantly increased as China agreed to offer $2.5 billion loan. According to the report, the top official revealed that the amount will be deposited in State Bank of Pakistan (SBP).

This pursues the past $2 billion advance given by China in July 2018 to enhance the foreign exchange reserves of Pakistan. China already has turned out as Pakistan’s largest economic rescuer in the previous five years.

This pursues a $6 billion financial bailout from Saudi Arabia which incorporated a $3 billion loan and $3 billion oil on deferred payment facility.

On the other side, latest IMF loan talks between Pakistan and International Monetary Fund ended without any conclusion. However, both sides failed to reach on any consensus for IMF bailout.

Earlier IMF asked the Pakistani government to take new measures on the taxation front. However, International Monetary Fund urged the country to enhance its revenue collection on the short term basis.

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