financial assistance worth $2 billion

Pakistan likely to get financial assistance worth $2 billion from China 

PTI government expects the good news of financial assistance to come after the meeting of the Joint Coordination Committee (JCC), the highest forum of ChinaPakistan Economic Corridor (CPEC), this month.

According to sources, Pakistan may get at least $2 billion short-term loans from Chinaafter the said meeting of JCC, scheduled to commence from December 20 in Beijing. The short-term lending arrangement could be made with the Industrial and Commercial Bank of China Limited (ICBC), a Chinese multinational banking company. It is the largest bank in China and the largest bank in the world by total assets, deposits, loans, number of customers and number of employees.

According to sources at State Bank of Pakistan (SBP), during the visit of Prime Minister Imran Khan last month, the central bank was asked for a ‘situation analysis’ for the requested financial assistance. The bank has reportedly finalised the report which may also be discussed during the upcoming JCC meeting, they added.

China may extend help for Pakistan’s balance of payment under the CPEC framework, sources claimed