State Bank has confirmed that Pakistan has received one billion dollars from China





ISLAMABAD (Urdu Point Newspaper Latest - 16 June 2023) Pakistan's foreign exchange reserves have been increased by one billion dollars. State Bank also confirmed that Pakistan received one billion dollars from China. One billion dollars was transferred from China to the Central Bank account. Sources say that the one billion dollars received by China is a commercial loan, after receiving one billion dollars from China, Pakistan's foreign exchange reserves have increased.

It should be noted that Pakistan had paid China in advance this week, China is returning this money to Pakistan. It should also be remembered that China has given all possible support to Pakistan to get a loan from the International Monetary Fund (IMF). It should be noted that yesterday, the former finance minister Dr. Hafeez Pasha said that Pakistan's foreign exchange reserves are at a level of 14 billion dollars less than the amount required for the country's needs, besides this, by the end of the current financial year, the rupee will fall against the dollar. Values can go up to 322 levels.

Former Finance Minister Dr. Hafeez Pasha addressed the launch of his book, his wife, Minister of State for Finance Dr. Ayesha Pasha was also present on the occasion. Dr. Hafeez Pasha in his book 'Important Issues of Pakistani Economy' published under the auspices of Germany's renowned think tank Friedrich Ebert Stiftung (FES) said that the exchange rate of the rupee and foreign exchange reserves are scary.

Unemployment in Pakistan is currently at the highest level of 11% while poverty is also at its highest level where 10 crore people are currently forced to live below the poverty line. Hafeez Pasha said that Pakistan's foreign exchange reserves are currently 14 billion dollars less than the country's needs. He said that in the book, he has mentioned that the value of the rupee against the dollar has been estimated on the basis of one month's import situation and according to which the level of one dollar should be equal to 322 rupees and if Pakistan's If the foreign exchange reserves are able to bear the import burden of one and a half months, the value of one dollar will be equal to 264 rupees.

He said that since the coming of the new government, the exchange rate is under government control while it should be allowed to be determined by the market, which is also the demand of the IMF. Dr. Pasha said that in case of not getting the IMF program, the only option left for Pakistan is to restructure its external debt. The biggest problem of Pakistan is the multilateral loans. Most of the loans were obtained from the same sources. The repayment of this loan is the biggest challenge. Another major challenge is meeting IMF conditions.