The Economic Affairs Division (EAD) on Monday clarified its position on seeking a whopping $5 billion new loans from China, Russia and Kazakhstan. Earlier, reports surfaced that the Economic Affairs Division has prepared a plan for obtaining US$ 5 billion new loans from China, Russia and Kazakhstan. It has been clarified that no such proposal is under process in the Economic Affairs Division for obtaining US$ 3 billion loan from China and US$ 2 billion loan from Russia and Kazakhstan. Media reported that the Ministry of Economic Affairs has prepared a plan for obtaining $5 billion in loans from China, Russia, and Kazakhstan. The incumbent government plans to borrow $3 billion from China and $2 billion from Russia and Kazakhstan. According to the media reports, the finance ministry has finalised the plan for the loan and an agreement will be inked with China during Prime Minister Imran Khan’s visit to Beijing next month. Islamabad is to spend $2 billion on the ML-1 Railways project, with $3 billion coming from China to shore up the country’s declining foreign exchange reserves. The loan arrangement with China would initially be inked for a one-year period, according to finance ministry sources. It is pertinent to mention here that Pakistan has set its sight on a loan to the tune of $3 billion from China to stabilise its dwindling foreign exchange reserves and also seeks an investment bonanza in half a dozen sectors during the visit of Prime Minister Imran Khan to Beijing next week. It was reported that in addition to political engagement, the premier would also seek Chinese support in areas of finance, trade and investment. A final meeting to shape the agenda of the visit would take place on Tuesday — two days before the scheduled visit. The prime minister will depart for Beijing on February 3 and attend the inaugural session of the Winter Olympics there.