CHINA-PAKISTAN: FINANCIAL ASSISTANCE

The Financial Times reported on April 26, 2017, that rising imports and falling exports as well as a drop in remittances from Pakistanis abroad had brought Pakistan to the brink of a currency crisis, but Beijing banks came to the rescue. The China Development Bank and the Industrial and Commercial Bank of China have each provided US$600 million in emergency loans. While Pakistan has for now staved off a request to the International Monetary Fund (IMF), some experts see an eventual turn to the IMF as inevitable.







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