Pakistan received a $500 million loan from China

Almaty. November 24. Silkroadnews - Pakistan received a loan from China for $500 million, Pakistan’s The Express Tribune reported.
“Pakistan has obtained yet another foreign commercial loan of $500 million from the Industrial and Commercial Bank of China (ICBC), a move aimed at stopping official foreign currency reserves from slipping to dangerous levels,” the report said.
During the first four months (July-October) of this fiscal year, Pakistan received loans worth $2.3 billion, the majority of them are intended to fill a huge budget deficit gap and build foreign exchange reserves.
The share of foreign commercial banks in the total volume of loans was 44% or $1.022 billion. China became the largest creditor, providing $917 million. Beijing provided $500 million as a commercial loan and another $417 million for project financing. The Islamic Development Bank became the second largest creditor, allocating $509 million. The Asian Development Bank allocated only $161 million to finance projects for the first four months.
After receiving the previous foreign loan on October 11, the total volume of foreign commercial borrowings in the first four months of this fiscal year have exceeded $1 billion.
In June this year ministry of finance informed the Parliament it intends to receive $1 billion in commercial loans during 2017-18, but has already breached the limit with eight months remaining.