China’s Exim bank rolls over $600m loan

July 18, 2023 (MLN): China’s Exim Bank rolled over Pakistan’s $600 million loan, Prime Minister Shehbaz Sharif said while speaking at the launch ceremony of the Prime Minister’s Youth Sports Initiative in Islamabad.

The aforementioned development has increased the country’s Foreign Exchange Reserves, however, the Prime Minister expressed his concerns of improving the FX reserves by generating income rather than through loans.

“It is possible as our youth has the potential to excel and take the country forward in the fields of sports, information technology, industries, and agriculture,” he added.

Moreover, he praised the athletes for their exceptional performances and announced the allocation of Rs5 billion in the Federal Budget to encourage sports.

The Youth Sports Initiative involves Pakistan’s first sports university in Islamabad, an Elite Sportsperson Development Programme along with the establishment of a Sports Endowment Fund.

“A number of initiatives have been taken over the past 15 months to strengthen sports infrastructure in the country,” Federal Interprovincial Coordination Minister Ehsanur Rehman Mazari said.

The Federal Interprovincial Coordination Minister highlighted that a sports policy has been prepared to promote and encourage various sports.

In order to elevate the country's reputation at a national level, talent hunts are being conducted for different sports, like; hockey, volleyball, and football. 

"Of the total Rs5b, Rs1b is allocated to the establishment of a sports university, which will train technical staff and managers," Shaza Fatima Haider, Special Assistant to the Prime Minister (SAPM) on Youth Affairs said.

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