Pakistan seeks $2 billion financial assistance from China for a year: Report

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The Express Tribune newspaper reported. According to the report, in a letter to Chinese Premier Li Qiang, caretaker Prime Minister Anwaarul Haq Kakar has requested his counterpart to roll over the debt as soon as the deposit time for the loan from China is completed on March 23.

Kakar expressed gratitude to China for its financial assistance to Pakistan as the country has secured a safe deposit of a total of $4 billion in loans from China. This has reduced Pakistan's mounting pressure on external debt payments and stabilized its foreign exchange reserves.

Earlier in January, the UAE rolled over Pakistan’s maturing loan of $2 billion, while Saudi Arabia deposited $5 billion with the State Bank of Pakistan. ALSO READ: 'Blaming others for own misdeeds...', India reacts to Pakistan's allegations over killing of two citizens As per details, after the loan rollover by the UAE, the interim government requested the International Monetary Fund (IMF) to dispatch a new mission this month for talks for the last loan tranche of $1.2 billion.

The IMF’s next mission is critical for not only securing the last loan tranche but also for beginning negotiations for a new long-term programme. Former finance minister Ishaq Dar, while speaking to a private TV news channel recently, had said in case his party – the Pakistan Muslim League-Nawaz (PML-N) – won the elections and formed the government, the decision about the new IMF programme would be made at the earliest.

Dar, the four-time finance minister of the country, said his party decided not to enter the IMF programme, it would immediately start implementing the belt-tightening measures. The IMF has made new adjustments in its fresh staff-level report about the available financing to