Canada Global (Web News) China, Pakistan’s all-weather ally, gave the country a $1 billion loan on Friday, according to sources at the State Bank of Pakistan.
According to the sources, Pakistan has received a soft code for the transfer of the $1 billion tranche. The money came from China and was deposited in the SBP account.
It is important to note that the cash-strapped Pakistan has been suffering from a severe lack of foreign exchange reserves. China’s $1 billion commercial credit will undoubtedly assist Pakistan in overcoming the difficulty. The rupee will marginally appreciate, and the problem of ever growing inflation will somewhat lessen.
