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. |