Pakistan to borrow $2 billion from friendly country

Pakistan to borrow $2 billion from friendly country
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ISLAMABAD - Federal government has planned to secure another $2 billion through the agreed short-term loan of $1 billion and another one billion through Panda bond.

According to reliable sources, China, which has already released $1 billion from China Development Bank (CDB), will secure another one billion short-term loan for the neighbouring country shortly, Pakistan Today has reported.

In addition to this, Pakistan will also try to secure at least another $ 1 billion from China through the issuance of Panda Bond in Chinese currency making the short terms arrangement of $ 3 billion from China.

As per the sources, even the injection of $3 billion, including $1.5 billion from CDB, $500 million from the Industrial and Commercial Bank of China (ICBC) and $ 1billion from the Panda bond, may not meet the required debt financing during the next few months as Pakistan is liable to pay back around $3 billion in the next three months.

Economy