China allows Pakistan to spend 1 billion which was deposited in State bank of Pakistan SBP
China has allowed Pakistan to spend $ 1 billion on a bank account. According to Geo News, China allowed Pakistan to spend $ 1 billion on the banking budget as support? Once approved, the government will not be required to borrow Rs 165 billion of the $ 169 billion of the $ 169 billion areas from banks and non-banking institutions.
China has deposited a significant amount in the SBP to develop Pakistani foreign reserves. Currently, Pakistan’s foreign exchange reserves are 19.6 billion, the SBP has 12.6 billion, the commercial banks have 7.01 billion, and interest rates have put pressure on exchange rates, so there are fears of future imports. In the coming days, which led to inequality.
Sources said that China has allowed the use of one billion dollars in rupees to meet the budget requirements. In this regard, when the spokesman of the Ministry of Finance was contacted, he said that China had accumulated. The money is a government loan, which means that the government of Pakistan will receive the funds in Pakistani rupees.
It should also be noted that Economist Dr. Ashfaq Hassan Khan says the government forced the SBP governor to cut interest rates and reduce loans of Rs 200-300 billion