Pakistan Asks China For Monetary Help: Pakistan, which is facing financial crisis, has extended its hand to China to deal with the problem. Pakistan has requested China to provide an additional loan of 10 billion yuan ($1.4 billion). At the same time, Pakistan has already used the Chinese trade facility worth 30 billion yuan ($4.3 billion).
Late Saturday (October 26), a statement was issued by the Finance Ministry of Pakistan, according to which Pakistan Finance Minister Muhammad Aurangzeb met China’s Finance Minister Liao Min during the annual meetings of the International Monetary Fund (IMF) and the World Bank. of. Meanwhile, Pakistan’s Finance Minister requested the Chinese Finance Minister to increase the limit under the currency swap agreement to 40 billion yuan.
Pakistan has already demanded to increase the loan limit
According to the report of Express Tribune, if China accepts this request of Pakistan, then this total facility will reach about 5.7 billion dollars. However, this is not the first time that Pakistan has demanded to increase the loan limit. Pakistan has already demanded China to increase the loan limit many times but before this China has rejected all the requests of Pakistan.
Loan payment period has been extended till 2027
China has asked to extend the existing $4.3 billion (30 billion yuan) facility to Pakistan for the next three years. Regarding this, Pakistan and China had signed a currency swap agreement during the recent visit of Chinese Prime Minister Li Keqiang, due to which Pakistan’s loan repayment period was extended till 2027.
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