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China will make Pakistan worse than Sri Lanka! No past due, preparing to take out a new loan

Islamabad:Pakistan China has requested a rollover of its $6.3 billion debt. This amount is due to mature in the next eight months. Pakistan plans to raise $34 billion to meet its debt and foreign trade obligations. Local media gave this information. The Express Tribune reported that another proposal is also being considered to seek a fresh Chinese loan to repay the bilateral debt maturing during the financial year 2022-23.

A meeting between Chinese Ambassador to Pakistan Nong Rong and Finance Minister Muhammad Ishaq Dar discussed the issue of rollover and refinancing of about $6.3 billion in trade credit and central bank loans. According to Finance Ministry officials, $3.3 billion in Chinese commercial loans and $3 billion in secured deposits are maturing between now and June next year, The Express Tribune reported. Safe deposits are held on the central bank’s balance sheet. In addition, bilateral Chinese debt of over $900 million is on track to fall due during the current fiscal year.

For the current fiscal year, the International Monetary Fund and the Ministry of Finance estimate Pakistan’s total external financing needs to be between $32 billion and $34 billion, excluding the impact of the recent devastating floods.

This Nizam of India was the owner of more wealth than Ambani, Adani and Kasturi, their miserly stories are also famous.
Pakistan has already received a loan of $2.2 billion during the July-September quarter, while Saudi Arabia also announced the maturity of a loan of $3 billion in December this year. The country still needs to arrange $29 billion and is looking for a rollover of at least $6.3 billion to $7.2 billion from China in addition to any new loans.

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