Pakistan govt receives USD 1 billion loan from China

In a major relief to the cashstrapped country Pakistan received USD 1 billion from China ARY News reported citing the State Bank of PakistanThis is to inform you that USD 1 billion has been received from China said the central bank in a brief message to journalists on Friday nightWhile the country is waiting for International Monetary Fund to release a loan from the bailout programme Chinas payment came as a ray of hope for the nationCommenting on the diminishing foreign reserves of the country Finance Minister Ishaq Dar said USD 130 billion recently paid to settle a Chinese loan will be refinanced by China today or MondaySBP will receive USD 130 billion from China today or Monday Ishaq Dar said and added that talks for a USD 2 billion dollar swap were also underway with Beijing according to ARY NewsPakistans economy is in turmoil amid financial woes and the delay in an agreement with the IMF that would release muchneeded funding crucial to avoid the risk of defaultPakistan is seeing no signs of securing external financing any time soon amid political instabilityEarlier the IMF expressed dissatisfaction with Pakistans recently presented budgetPakistan has barely enough currency reserves to cover one months imports It had hoped to have USD 11 billion of the funds released in November but the IMF has insisted on a number of conditions before it makes any more disbursements according to DawnDar did hold several sessions but has failed to convince the top IMF officials for the completion of the 9th review essential for securing a stafflevel agreement for the release of the USD 11 billion trancheOnly two weeks are left for Pakistan to reach a deal with IMF or face failure that would have serious consequences for the economy The bailout package will expire on June 30 reported DawnPakistans IMF programme expires this month with over USD 25 billion in funding yet to be released as the country seeks to reach an agreement with the lender while dealing with record inflation fiscal imbalances and low reservesA general election is scheduled for November which the government hopes will resolve the uncertainty caused by the protest movement led by the chairman of the Pakistan TehreekeInsaf PTI since his ouster in a noconfidence vote last yearA stafflevel IMF agreement to release USD 11 billion of a USD 65 billion package has been delayed since NovemberThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever