Pakistan is also waiting for relief from the International Monetary Fund (IMF). Talks on a bailout package between the IMF and Pakistan stalled. But now it has started again.
Pakistan (Pakistan) ‘S economy has been in trouble for a long time. In the meantime, Pakistan (China)China) Has signed a કર 2.3 billion loan agreement. To Pakistan Banks of China (Banks) Has entered into this agreement with a consortium of The country’s foreign reserves are declining and the currency is also declining sharply. The loan is expected to relieve the economy, which is struggling with currency shortages. A country in economic crisis has to pay for important imports.
Pakistan’s Finance Minister Miftah Ismail wrote in a Twitter post that the money was expected to be received in a few days. He also thanked the government led by Chinese President Xi Jinping for facilitating the transaction. Giving details, Ismail wrote that a consortium of Chinese banks today (Wednesday) signed a સુવિધા 2.3 billion loan facility agreement. Earlier, the agreement was signed with Pakistan on Tuesday.
Pakistan’s currency continues to depreciate
The loan deal has given some relief to Pakistan’s troubled economy. The financial year 2021-22 has seen a 34 per cent decline in Pakistan’s currency. On Monday, the exchange rate of one dollar was 210 Pakistani rupees. Apart from this, the forex reserves held by the State Bank of Pakistan also fell below 9 9 billion on June 10.
The reserve has been below the import cover level for several weeks. According to the Dawn newspaper, Pakistan currently needs at least 37 37 billion to pay off its debt and other items.
Pakistan owes China 14 14.5 billion
However, experts believe that the agreement will increase Pakistan’s habit of repeatedly borrowing from China. According to the 2021-22 Economic Survey, China is the largest donor to Pakistan. China currently owes Pakistan 14 14.5 billion. China owes Pakistan about 8. 8.77 billion to three commercial banks and three state-owned banks.
At the same time, Pakistan also has an International Monetary Fund (IMF) Waiting for relief from. Talks between the IMF and Pakistan on a bailout package stalled. But now it has started again. Let me tell you that in the year 2019, Pakistan signed an agreement with the IMF. However, due to non-compliance with certain terms of the agreement, the IMF withheld the amount received under this package.