Pakistan Borrows $ 500 Million From China To Increase Its Depleting Reserves

While the loans have wrecked a havoc in India, Pakistan has contracted a commercial loan of $ 500 million from China, it’s ally and all weather friend. The loan has been contracted from Industrial and Commercial Bank of China (ICBC) to shore up its depleting reserves.

The Express Tribune reported that with the new borrowing the Chinese financial institution’s contribution to supporting a strong rupee against the US dollar increased to $1 billion in just three months.

It further reported quoting sources in the finance ministry that the government contracted the loan on January 15 at a rate in the range of 4.5 per cent.Click Here: habitat tord boontje

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