Luck for Pakistan..!? 3 countries help in 24 hours..!?

Pakistan's foreign exchange reserves are less than $3 billion, and if this continues in the next few weeks, many studies have revealed that Pakistan's condition is bound to deteriorate. A few days ago, even international rating agencies such as Fitch and moody's rated Pakistan's quality on par with bankruptcy. Although many people believe that friendly countries such as Saudi Arabia, UAE, and china may help after bankruptcy, due to the lack of any signal for this, the IMF is implementing all the conditions imposed by the IMF for its 6.5 billion dollar loan. In this situation, 3 countries have helped pakistan in 24 hours. It is a surprising thing.On behalf of the Chinese government, the country's largest bank has announced a loan of around $700 million to increase Pakistan's foreign exchange reserves. China's sudden financial aid has come as a big relief to help pakistan recover from the economic crisis. Following China's financial support, Pakistan's Finance minister Ishaq Dar tweeted that China's $700 million from china Development bank has come to Pakistan's central bank, the state bank of Pakistan. He termed this $700 million deposit as a "lifeline" for Pakistan.A loan from the state-owned china Development bank will boost Pakistan's foreign exchange reserves by around 20%. china has already lent a huge amount of money to Pakistan. About 30% of Pakistan's foreign debt depends on Chinese banks. iran has established six border markets to promote trade with crisis-hit pakistan, iran Council General Hassan Nourain said. In the last 10 months, the volume of bilateral trade reached 2 billion dollars. It has set a target of up to 5 billion dollars. Nooren said that there is difficulty in doing business because there is no proper banking channel for money transfers between pakistan and Iran. He also said that the Iran-Pakistan visa policy has been eased and progress is being seen in barter trade with Pakistan. uzbekistan has signed a trade agreement worth 1 billion dollars with pakistan in an important meeting held in Tashkent, the capital of Uzbekistan. Uzbekistan has signed an agreement worth $1 billion to increase bilateral trade with pakistan at the 8th meeting of the Pakistan-Uzbekistan Intergovernmental Commission (IGC) on Trade-Economic and Scientific-Technical Cooperation held on Friday.The two countries have signed an agreement to promote the exchange of goods and services, the Department of Economic Affairs of the government of pakistan said in an official statement. Any investment and trade opportunities at this time would be a lifeline for Pakistan's economy, which is struggling with its worst financial crisis. The government of pakistan today made important cost-cutting announcements in order to meet the conditions imposed on the first tranche of $1.1 billion of the IMF's announced $6.5 billion loan to Pakistan.

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Sowmiya Sriram

26/02/2023 06:18 PM