January 01, 2019 (MLN): According to Financial Times, China has pledged to lend $2 billion to Pakistan to shore up its foreign exchange reserves and avoid further devaluation of PKR against the dollar. Pakistan’s continuous struggle with a weakening fiscal position and high debt repayments also led to this development.
The news regarding China’s decision to lend 15 billion Yuan ($2 billion) to Pakistan first surfaced in November. The amount is likely to be lent for a period of three years. However, China has not publicly announced this development as yet.
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