After giving weapons to Pakistan, China makes another SHOCKING move, trouble for US due to...
(File)
Pakistan economy: China has enhanced its military and economic support to Pakistan after the latter suffered a humiliating defeat at India's hands in the recent military conflict, in which Pakistani forces employed Chinese-made weaponry, including fighter jets and long-range air-to-air missiles. According to reports, after weapons, Beijing has now opened up its coffers to bolster Islamabad, approving a commercial loan of $3.7 billion for the cash-strapped country, which will be made available before the end of June. China approves $2.4 billion loan to Pakistan
However, apart from its primary purpose of boosting Pakistan's ruined economy, China's loan, which includes a $2.4 billion payout maturing in June, is being seen as another move by Beijing to counteract the dominance of the US dollar in global trade as the loan is will be made available in Chinese RMB, instead of USD.
Citing government sources, Pakistan-based Express Tribune reported that Beijing has assured Islamabad in recent meetings that it will refinance loans maturing between March and June 2025. Pakistan has already repaid a $1.3 billion loan to the Industrial and Commercial Bank of China (ISBC) in three installments between March and April this year, the report quoted officials as saying. Pakistan forex reserves
Meanwhile, the foreign exchange reserves at Pakistan's central bank stood at $11.4 billion after the International Monetary Fund (IMF) approved a $1 billion loan installment earlier this month. Islamabad's forex reserves are expected to rise to $12.7 billion after it receives the latest tranche of Chinese funds, the report said.
The $2.1 billion or 15 billion Yuan loan will be sourced from three commercial banks, and China has extended it for three years, it added.
Economists point out that a timely refinancing of Chinese funds was crucial for Pakistan to main its forex reserves in double digits by June end, failing which the country's foreign currency reserves would have fallen below $10 billion. Pakistan's deal with the IMF mandates that it boosts forex reserves to around $14 billion this fiscal year.
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