China saved us from default, Pakistan’s Prime Minister praised for getting IMF bailout

Pakistan Prime Minister Shehbaz Sharif said that China helped us a lot when the country tried to reach an agreement with the International Monetary Fund (IMF) for bailout amid the financial crisis. The Prime Minister of Pakistan said that during this period, China saved Pakistan from default. He said the IMF talks had ended on a positive note.

Pakistan, which is facing economic crisis, is expected to get a bailout of three billion dollars from the International Monetary Fund (IMF). The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on an additional $3 billion arrangement. A standby agreement has been entered into with Pakistan on behalf of the International Monetary Fund (IMF).

The bridge loan will come as a big relief to Pakistan as it is grappling with a severe balance of payments crisis and depleting foreign exchange reserves. Shehbaz Sharif said that the so-called Stand-by Arrangement (SBA) would enable Pakistan to achieve economic stability and take the country on the path of sustainable economic development. The country’s Finance Minister Ishaq Dar told Reuters that Pakistan would receive formal documents on the deal from the IMF later, which it said it would sign.