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Pakistan

Web Desk
January 1, 2019

China to lend $2bn to Pakistan: FT

Pakistan

Web Desk
Tue, Jan 01, 2019

ISLAMABAD: China has agreed to lend at least $2bn to Pakistan to shore up its foreign exchange reserves, the Financial Times reported quoting two senior government officials.

The officials told FT that amount from China will prevent further devaluations of the rupee against the dollar.

“China’s promise to Pakistan is an indication of their commitment to help us avoid a crisis. If the rupee falls sharply and we need to prevent its slide, we can turn to China,” said a senior government official in Islamabad.

Chinese officials were not immediately available for comment.