Pakistan to receive $4.5 billion loans and grants from friendly country

Shares
Pakistan to receive $4.5 billion loans and grants from friendly country

ISLAMABAD: To boost Pakistan’s sliding foreign exchange reserves, China has committed to provide $3.5 billion besides paying for socio-economic development plans being embarked upon by the incumbent government.

According to a *Voice of America (VOA)* report, diplomatic sources and officials have affirmed that China will soon park $2.5 billion in the State Bank of Pakistan (SBP), raising the total amount of commercial loans to Islamabad this financial year to $4.5 billion.

Officials revealed Beijing has also pledged to an additional $1 billion for health, education, drinking water, vocational training and poverty alleviation projects over the next three years.

And Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar stated Chinese experts are slated to arrive in Islamabad later this month to systemize social-economic development under the pledged grant.