China Giving Pakistan $3.5 Billion in Loans, Grants
China is promising about $3.5 billion to help bolster Pakistan's dwindling foreign cash reserves and pay for socio-economic development plans undertaken by the country's new government. Beijing will soon deposit $2.5 billion in the State Bank of Pakistan (SBP), raising to $4.5 billion the total amount in commercial loans China has given Pakistan this fiscal year, officials and diplomatic sources confirmed. Officials say the Chinese government has also promised a grant of $1 billion for education, health, vocational training, drinking water and poverty alleviation projects over the next three years. Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar said Chinese experts are due to arrive in Islamabad later this month to coordinate socio-economic development under the promised grant. Pakistan's foreign currency exchange remains under severe pressure, despite receiving around $2 billion from China and $4 billion from Saudi Arabia and the United Arab Emirates in commercial loan deposits. SBP reserves stood at $8.2 billion last week, barely enough to cover two months' worth of imports. China's CPEC In the last six years, China has made significant financial contributions to direct investment, soft loans and commercial deposits to help its close ally, Pakistan, overcome severe economic challenges. Under its Belt and Road Initiative, Beijing has invested $19 billion in Pakistan to build and improve road infrastructure and power plants and opened the strategic Arabian Sea port of Gwadar. Beijing has also given Islamabad concessional loans for some projects under what is known as the China-Pakistan Economic Corridor (CPEC). The cooperation deal has created more than 70,000 jobs for Pakistanis and quickly resolved the country's chronic energy crisis. But investments from China had stopped because all major projects under CPEC will be complete by the end of this year. Chinese and Pakistani officials say preparations are under way to launch the... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, China Giving Pakistan $3.5 Billion in Loans, Grants, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you
Published By: VOA NEWS - Friday, 15 February
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