China lends US$1-bn to Pakistan

Islamabad: China has lent Pakistan US$1-billion to boost the South Asian country's plummeting foreign currency reserves, according to the sources in Pakistan's Finance Ministry.

The latest loan highlights Islamabad's growing dependence on Chinese loans to buffer its foreign currency reserves, which plunged to US$9.66-billion last week from US$16.4-billion in May 2017.

The lending is the outcome of negotiations for loans worth US$1-2-billion that was first reported in May.The Finance Ministry spokesperson did not confirm the report.(UNI)