China has given one billion US Dollars in cooperation to Pakistan which is struggling with economic crisis.

Islamabad: Pakistan, which is facing financial crisis, has received one billion dollars from its close ally China. Amid uncertainty about getting loan assistance from the International Monetary Fund (IMF), the country, which is struggling with very low foreign reserves, will get a lot of relief from this help. The State Bank of Pakistan (SBP) on Friday night confirmed the receipt of the amount from China without sharing any other details about it. Pakistan’s currency reserves had dwindled to around US$3.9 billion in recent weeks. Earlier, Finance Minister Ishaq Dar had said that Pakistan paid USD 1 billion to China last Monday against an obligation of USD 1.3 billion and expressed hope that the amount would be returned.

Pakistan’s economy is on the verge of defaulting on payments. The IMF had agreed in 2019 to give him a loan assistance of $ 6.5 billion. But out of this, he has not received $ 2.5 billion. IMF has put some conditions for releasing this amount. Pakistan, on the other hand, says that it has already fulfilled the conditions of the IMF. The debt support program of the IMF is coming to an end on 30 June. Pakistan is looking for an option to keep its economy afloat in case of no IMF help. It is expected that China will give him a bilateral loan of four billion dollars.