Finance Minister Ishaq Dar announced on Wednesday that the board of the China Development Bank (CDB) has approved a loan facility of $700 million for Pakistan and formalities in this regard have been completed.

The State Bank of Pakistan (SBP) was expected to receive the money this week, which would help shore up the country’s dwindling foreign exchange reserves, Dar wrote on Twitter.

Pakistan is in dire need of funds as it battles a worsening economic crisis with the country’s foreign exchange reserves dropping to around $3 billion, barely enough to cover three weeks of controlled imports.

The government is currently holding virtual talks with the International Monetary Fund (IMF) for an economic bailout that would lead not only to a disbursement of $1.2bn but is also expected to unlock inflows from friendly countries and other multilateral institutions.

Dar had said earlier this year that the country’s foreign reserves situation would be “much better than you can think” by end-June.

China and Saudi Arabi would enhance their support, government-to-government (G2G) disinvestments would be completed, and the current acc­ount deficit would be about $3bn less than earlier projections, he had said.

Opinion

A state of chaos

A state of chaos

The establishment’s increasingly intrusive role has further diminished the credibility of the political dispensation.

Editorial

Bulldozed bill
Updated 22 May, 2024

Bulldozed bill

Where once the party was championing the people and their voices, it is now devising new means to silence them.
Out of the abyss
22 May, 2024

Out of the abyss

ENFORCED disappearances remain a persistent blight on fundamental human rights in the country. Recent exchanges...
Holding Israel accountable
22 May, 2024

Holding Israel accountable

ALTHOUGH the International Criminal Court’s prosecutor wants arrest warrants to be issued for Israel’s prime...
Iranian tragedy
Updated 21 May, 2024

Iranian tragedy

Due to Iran’s regional and geopolitical influence, the world will be watching the power transition carefully.
Circular debt woes
21 May, 2024

Circular debt woes

THE alleged corruption and ineptitude of the country’s power bureaucracy is proving very costly. New official data...
Reproductive health
21 May, 2024

Reproductive health

IT is naïve to imagine that reproductive healthcare counts in Pakistan, where women from low-income groups and ...