Pak seeks USD 600 mn in fresh loans from two Chinese banks to bridge financing gap: Report
Islamabad, Nov 8 (PTI) Cash-strapped Pakistan has sought USD 600 million in fresh loans from two Chinese banks to bridge a big financing gap as it negotiates with the IMF for the release of the second tranche of a USD 3 billion bailout package, a media report said on Wednesday.
Citing sources, The Express Tribune newspaper reported that the federal government was in negotiations with the Industrial and Commercial Bank of China (ICBC) and the Bank of China for a total loan of USD 600 million. Each bank has been approached for USD 300 million in financing.
Negotiations are at an advanced stage and loans are expected to be received by next month, according to officials of the finance ministry.
