Pakistan to get $2 billion cash from yet another friendly country: Report
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LAHORE - China will lend around $2 billion to bolster Pakistan’s foreign exchange reserves and avert further depreciation of the rupee against the greenback.
The *Financial Times* on Tuesday reported that two senior government officials informed China would be providing Pakistan $2 billion for preventing further devaluation of the rupee against the dollar and bolster its dwindling forex reserves.
A senior government official In Islamabad said, “China’s promise to Pakistan is an indication of their commitment to help us avoid a crisis. If the rupee falls sharply and we need to prevent its slide, we can turn to China.”
According to the report, China isn’t officially announcing the financial support being extended by it to Pakistan as the government faces high debt repayments, fiscal deterioration and sliding forex reserves. Moreover, an English daily last month had reported China doesn’t want Pakistan to highlight its help for bolstering the country’s foreign exchange reserves.
