No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8
No Result
View All Result
No Result
View All Result

Pakistan to acquire loans from Kazakhstan, Russia, and China; EAD denies news

News Desk by News Desk
January 31, 2022
in Business, Latest News, National, Top News
Reading Time: 1 min read
Rupee loses value as Dollar further rises to 174.10
Share on FacebookShare on Twitter

According to sources, the federal government will seek $5 billion in loans from Kazakhstan, Russia and China to stabilise its forex reserves.

As per the details from Geo News, Pakistan will seek a $3 billion loan from China while $2 billion from Kazakhstan and China. The details suggested that the finance ministry had finalised the framework to acquire a loan from China and the agreement would be signed during the prime minister’s visit to China, Beijing.

The Economic Affairs Division, Government of Pakistan, has however denied any such news. It stated that “no such proposal is under process in EAD”.

This is in response to the news in media that EAD has prepared a plan for obtaining US$ 5 billion new loans from China, Russia & Kazakhstan.
This is to clarify that no such proposal is under process in EAD for obtaining $3bn loan from China and $2bn loan from Russia & Kazakhstan.

— Economic Affairs Division, Government of Pakistan (@eadgop) January 31, 2022

The $3 billion loan from China will strengthen the forex reserves, while the $2 billion loans from Russia and Kazakhstan will be utilised in the ML-1 Railways project.

The steps to acquire more loans came after all the conditions for International Monetary Fund’s loan have been fulfilled. The IMF board meeting will be held on February 2.

Related

News Desk

News Desk

Related Posts

PCB to create history by naming enclosures of Bugti cricket stadium after former women's cricketers of Pakistan cricket team
Featured

PCB to create history by naming enclosures of Bugti cricket stadium after former women’s cricketers of Pakistan cricket team

January 26, 2023
WhatsApp decides to make users' life easier with new updates
Latest News

WhatsApp decides to make users’ life easier with new updates

January 26, 2023
PSX in green zone after historic devaluation of rupee; KSE-100 index gains over 1000 points
Business

PSX in green zone after historic devaluation of rupee; KSE-100 index gains over 1000 points

January 26, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

PCB to create history by naming enclosures of Bugti cricket stadium after former women's cricketers of Pakistan cricket team

PCB to create history by naming enclosures of Bugti cricket stadium after former women’s cricketers of Pakistan cricket team

by admin
January 26, 2023

Lahore: For the first time in the history of cricket any enclosure of a cricket stadium will be named after...

PSX in green zone after historic devaluation of rupee; KSE-100 index gains over 1000 points

PSX in green zone after historic devaluation of rupee; KSE-100 index gains over 1000 points

by Zain Aijaz
January 26, 2023

The devaluation of Pakistani currency (Rupee Devaluation) has created a positive sentiment in the market at the Pakistan Stock Exchange...

ICC names Babar Azam ODI player of the year for consecutive second year

ICC names Babar Azam ODI player of the year for consecutive second year

by Zain Aijaz
January 26, 2023

The captain of the national cricket team, Babar Azam, has been declared the ICC ODI Player of the Year for...

Pakistan seeks US help for revival of IMF programme

Pakistan seeks US help for revival of IMF programme

by Zain Aijaz
January 26, 2023

Islamabad: On Wednesday, Pakistan reached out to the delegation of the United States (US) in an attempt to seek their...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
  • Tech
  • Stories
  • PSL 8

Copyright © 2022 The Upcut. All rights reserved.