Pakistan gets much-needed $1b loan from China

ISLAMABAD (Web Desk) – Pakistan on Friday got $1 billion loan from the all-weather friend, China, the State Bank of Pakistan sources reported. The sources said a soft code had been received by Pakistan for the transfer of the tranche of $1 billion. The amount was received in the SBP account from China. It is pertinent to mention here that the cash-strapped Pakistan has been reeling from the acute shortages of the forex reserves. The $1 billion commercial loan extended by China will certainly help Pakistan face the challenge. The rupee will slightly gain value and issue of ever-rising inflation will ease to some extent.