Pakistan receives $1 bn from China to support its critically low forex ...Middle East

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Pakistan receives $1 bn from China to support its critically low forex
source : Business Standard ( Middle East ) () 42
Cash-strapped Pakistan has received USD 1 billion from its close ally China to support its critically low foreign reserves amidst the uncertainty to revive a stalled International Monetary Fund loan. The State Bank of Pakistan (SBP) on Friday night confirmed having received the amount from China without sharing any other details about it. It would add to the reserves which had fallen to almost USD 3.9 billion in recent weeks. Earlier, finance minister Ishaq Dar said Pakistan had paid back USD 1 billion to China last Monday against a due amount of USD 1.3 billion and it was hoped that the amount would be returned. Pakistan's economy is tethering on the verge of default as the IMF is pushing

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