Pakistan to receive 4.5 billion loans and grants from friendly country

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

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

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

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