ISLAMABAD, Pakistan: The Ministry of Economic Affairs has brushed aside the news about obtaining US$ 5 billion new loans from China, Russia, and Kazakhstan.
“The News” reported on Monday that the federal government has decided to seek US$ 5 billion in loans from China, Russia, and Kazakhstan as the Country makes desperate efforts to stabilize forex reserves.
The media outlet reported that the government plans to borrow US$ 3 billion from China and US$ 2 billion from Russia and Kazakhstan.
However, in response to the news in the media about new loans, the Ministry of Economic Affairs has clarified that no such proposal is under the process in the Economic Affairs Division for obtaining new loans from the mentioned Countries.
In its report, “The News” also cited sources privy to the matter saying that the Finance Ministry had finalized the plan for the loan and an agreement in that regard would likely be signed with China during Prime Minister Imran Khan’s visit to Beijing next month.