Pakistan

China “agrees” to transfer $2 billion in debt to Pakistan.

Published

1 year ago

Farwa

ISLAMABAD China has “agreed” to roll over a $2 billion loan to Pakistan, according to sources cited by ARY News, which is a big milestone.

Sources inside the ministry of finance claim that the $2 billion loan will be rolled over under the current terms prior to its maturity date.

Less than 2 percent interest will be charged on the $2 billion in Chinese debt that is being deposited, according to sources.

According to reports, the $2 billion debt’s maturity period will conclude on March 23, 2024, and an additional $2 billion will be rolled over for a year.

It is important to note that as of the end of November in FY2023–24, Pakistan’s overall debt load was at an astounding Rs 63,399 trillion.

Over Rs12.430 trillion more was borrowed by the nation during the PDM and caretaker government’s mandate.

With domestic loans totaling Rs40.956 trillion and foreign loans totaling Rs22.434 trillion, Pakistan’s total debt load increased to Rs63.390 trillion.

China postponed paying Pakistan’s $2 billion debt for two years, starting in July 2023. Regarding the delay in debt recovery, Pakistan received an official letter from China Eximbank.

Pakistan will return the debt in accordance with the terms of the deal with China and was also spared from paying extra interest on the loan. According to further sources, all 31 loan agreements were extended over the original date of July 21, 2023, to June 30, 2025.

Latest News

PTI and JUI (Sherani) decide to proceed by consensus.

Published

2 days ago

Farwa

Jamiat Ulema-e-Islam (Sherani) and Pakistan Tehreek-e-Insaf (PTI) have agreed to proceed together.

Maulana Muhammad Khan Sherani, the leader of JUI (Sherani), met with Barrister Dr. Saif, the Chief Minister of Khyber Pakhtunkhwa’s Information Advisor.

The conference also included former senator Aslam Buledi and former federal minister Muhammad Ali Durrani.

The discussion focused on promoting reconciliation, political cooperation, and collective progress in the country. In addition, Barrister Dr. Saif read Fatiha and expressed sympathy for Maulana Sherani’s wife’s demise.

Barrister Saif recognized Maulana Sherani as a respected religious and political person, a senior member of parliament, and an expert in constitutional law during the meeting. He said that Maulana Sherani’s services are greatly valued by PTI founder Imran Khan and the party, and they hope he will play an active role in promoting trust, cooperation, and national reconciliation.

Maulana Sherani was invited to visit Khyber Pakhtunkhwa by Barrister Saif on behalf of KP Chief Minister Ali Amin Gandapur.

Maulana Muhammad Khan Sherani emphasized the importance of reconciliation in guiding the nation away from conflict and proposed that Muhammad Ali Durrani be instrumental in promoting this process.

Business

SFD and Pakistan Sign Two Deals Totaling $1.61BLN

Published

3 weeks ago

Farwa

Two agreements totaling $1.61 billion have been inked by Pakistan and the Saudi Fund for Development to improve their bilateral economic cooperation.

Entertainment

‘Kashmir Banay Ga Pakistan’ is a new song teased by ISPR for Solidarity Day

Published

3 weeks ago

Farwa

A new anthem, “Kashmir Banay Ga Pakistan,” was issued by Inter-Services Public Relations (ISPR) on Wednesday (tomorrow) in honor of Kashmir Solidarity Day.

Every year on February 5, Kashmir Solidarity Day is commemorated to show solidarity with the people of Indian-Occupied Kashmir.

Renowned musician Ahmed Jahanzeb sings the song, which sends a powerful message of solidarity and dedication to the liberation fighters of Held Kashmir.

Imran Raza wrote the words, while Irfan Saleem and Kamran Khan composed the music.

The song was composed especially to commemorate the momentous day and to reaffirm support for the courageous and tenacious people of Kashmir, who are fighting for their right to self-determination, as guaranteed by the documents of united nations