look news india
The economic condition of Pakistan is continuously worsening. Pakistan, which is facing cash crisis, has now requested China to provide additional loan of 10 billion yuan i.e. about 1.4 billion dollars. Pakistan, which is facing cash crunch, has benefited from China's 30 billion yuan China trade facility. A statement issued by Pakistan's Finance Ministry said that Finance Minister Muhammad Aurangzeb met Chinese Vice Finance Minister Liao Min during the annual meeting of the International Monetary Fund (IMF) and the World Bank in Washington and signed the currency Did it. It also requested to increase the limit of swap agreements to 40 billion yuan.
According to reports of Pakistani news agencies, if China accepts Pakistan's demand, its total trade facility with Pakistan will reach $5.7 billion.
Pakistan has already presented a proposal to China to increase its loan but China has not accepted it. The new offer from Pakistan comes less than two weeks after China extended the existing $4.3 billion (30 billion yuan) facility for another three years.
Earlier, before giving the bailout package to Pakistan, the IMF had set a condition to extend the time limit for the loans taken from its borrowers, after which Pakistan, citing its compulsion, had requested China and Saudi Arabia to extend the time limit. Later, the Chinese government extended Pakistan's loan deadline, after which it could get a bailout package from the IMF.
Furthermore, during the recent visit of Chinese Prime Minister Li Keqiang, the two countries signed a currency swap agreement, due to which Pakistan's debt repayment period was extended to 2027. The economic condition of Pakistan is continuously worsening. Before the IMF package, PM Shahbaz Sharif had said that this would be the last bailout package for Pakistan, although it would cause problems not only to the government but also to the people.
