ISLAMABAD: As Pakistan tries desperately to stabilize its FX reserves, the federal government has chosen to seek $5 billion in loans from China, Russia, and Kazakhstan.
Pakistan is expected to receive a $3 billion loan from China and a $2 billion loan from Russia and Kazakhstan, according to details. The Chinese loan will be used to stabilize foreign reserves, while Russia and Kazakhstan are likely to provide $2 billion in loans for ML1.
Sources privy to the matter shared that the finance ministry has finalized the plan for the loan and an agreement in this regard will likely be signed with China during Prime Minister Imran Khan’s visit to Beijing next month.
Initially, the finance ministry sources added, the loan agreement with China will be signed for one year period, the sources said.
The central bank’s foreign exchange reserves declined by $846 million in the week ending January 21, according to data issued by the State Bank of Pakistan (SBP).
The SBP’s foreign currency reserves were recorded at $16.2 billion, down $846 million, according to a breakdown provided by the central bank.
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