Islamabad: China has lent Pakistan USD 1 billion to uplift the country’s foreign currency reserves, according to a news source. During last week alone, the country’s foreign currency reserves plunged to USD 9.66 billion from USD 16.4 billion in May 2017.
This lending has come after negotiations for loans worth USD 1-2 billion. With this loan, China’s lending to Pakistan will reach USD 5 billion. During the first 10 months of the current fiscal year, China lent Pakistan a total of USD 1.5 billion in terms of bilateral loans and also received USD 2.9 billion in commercial bank loans, mostly from Chinese banks.