Government of Pakistan has taken another $ 50 Million foreign loan

The loan of $ 50 million has been taken from the Industrial and Commercial Bank of China

The loan of $ 50 million has been taken from the Industrial and Commercial Bank of China

Islamabad … News Time

The Government of Pakistan took another foreign commercial loan to prevent government reserves from falling under danger; $ 50 million loan has been taken from the Industrial and Commercial Bank of China. Sources of Finance said that after this fresh loan, the foreign commercial debt taken during the first 4 months of this year has crossed a $ 1 billion dollar. The finance ministry informed the Parliament in June this year that a $ 1 billion commercial loan will be taken during the financial year 2017-18. However, the government has crossed this limit, but there is still 8 months left for the financial year to end. So far 26.7 million from City Bank and 25.5 million credits have been obtained from Swiss. Pakistan has also signed a $ 45m short term foreign commercial loan agreement with the Consumerium set up by the Swiss. So that the reservoir reserves can be increased and the last loan taken from the Credit Swiss can be paid, the City Bank and the ICCB are one of the half-dozen banks, from which Pakistan has contacted Lead Manager to issue Skype and Euro bonds. What is it; Road shows for sukuk and Euro bonds begin on Wednesday, from $ 2 to $ 3 billion to stabilize reserves from bonds. The ICBC had given a $ 30 million commercial loan last year; the loans have been obtained to prevent foreign exchange reserves from getting reduced. This are around $ 13.67 billion, The Treasury Department is trying hard to prevent the deposits from coming down from the import of two months, Since July, due to uninterrupted import bill, foreign exchange reserves have dropped 2.5 billion dollars since now this year, In the last 4 months, the current debt deficit increased by 122% over $ 5 billion.

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