China makes emergency loan to Pakistan for $2.3b USD to avert payments crisis

[TheGreatWhite]

https://www.ft.com/content/6250c214-cfdc-4b4f-85b3-876666d01ff4

Chinese banks lend Pakistan $2.3bn to avert foreign exchange crisis Support from ally seen as step toward resuming IMF package as Islamabad imposes fresh corporate tax

Farhan Bokhari in Islamabad JUNE 25 2022

A consortium of Chinese state banks has lent $2.3bn to Pakistan to help the country stave off a foreign payments crisis, finance minister Miftah Ismail said on Friday.

Confirmation of the support from China, a close economic and military ally of Pakistan, came on the same day Islamabad announced a one-off 10 per cent ‘super tax’ on important industries that is intended to lead to a stalled $6bn IMF loan package being resumed.

“I am pleased to announce that Chinese consortium loan of Rmb15bn ($2.3bn) has been credited in to SBP [State Bank of Pakistan, Pakistan’s central bank] account today, increasing our foreign exchange reserves,” Ismail said in a tweet on Friday evening.

 

[syed putra]

U der imran khan, pakistan too have subsidise which e entually would have cause country to collapse if not for him being purged.

 

[jw5]

China is trying to establish more allies worldwide.

 

[gingerlyn]

China is trying to establish more allies worldwide.

with terrorist countries.

 

[syed putra]

China is trying to establish more allies worldwide.

Pakistan and china were allies for decades after US abandoned them.
Due to nuclear issues. F-16 bought snd paid for but were not delivered until recently.