China approves USD 700 million loan to Pakistan: Finance Minister Dar
Islamabad, Feb 22: Pakistan's all-weather ally China has approved a loan of USD 700 million and the funds will be transferred to the central bank this week, Finance Minister Ishaq Dar announced on Wednesday as the cash-strapped country tried to avert a financial crisis.
The announcement by Dar on the loan by the Board of China Development Bank (CDB) came a day after Pakistan's National Assembly unanimously passed a money bill aimed at raising tax revenues to fulfil the demands set by the International Monetary Fund (IMF) for seeking a USD 1.1 billion loan facility to avoid an economic meltdown.
Dar said all formalities have been completed with CDB and the funds would be transferred to the State Bank of Pakistan.
"Formalities have been completed and the Board of China Development Bank has approved the facility of USD 700 million for Pakistan. This amount is expected to be received this week by the State Bank of Pakistan which will shore up its forex reserves!" Dar tweeted.
Pakistan has a chronic balance of payments problem which was exacerbated in the last year, with the country's forex reserves declining to critical levels.
As of February 10, the central bank had only USD 3.2 billion in reserves, enough to cover barely three weeks of imports.
To stem dollar outflows, the government has imposed restrictions, allowing imports of only essential food items and medicines until a bailout is agreed upon with the IMF, which is seen as essential for the country to stave off default.
Pakistan has already fulfilled demands of the International Monetary Fund, including raising an additional Rs 170 billion in revenues by June before releasing crucial USD 1.1 billion out of an already agreed USD 7 billion loan program.
The country needed about USD 10 to USD 12 billion by June to pay back loans and meet the current account deficit.
The government headed by Prime Minister Shehbaz Sharif has decided to implement measures to cut down on its expenditures by increasing taxes on the public and bringing down government expenses.
The government has also ordered the Foreign Ministry to slash the number of missions abroad and reduce their offices, and staff and initiate other measures to cut down expenditures of the debt-ridden nation by 15 per cent.
In November, finance minister Dar said that Pakistan has secured a USD 13 billion bailout from China and Saudi Arabia with USD 5.7 billion in fresh loans. Dar was confident that the cash would come before the IMF programme revival.
However, it became clear with time that Islamabad's old allies refused to dole out more cash without the country first agreeing to the IMF's conditions. That was when Pakistan had to invite the IMF mission to negotiate the deal, The Express Tribune newspaper reported.
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Suvendu Adhikari says Bangladesh should be taught a “lesson like Israel taught Gaza”
Kolkata: Bharatiya Janata Party leader and Leader of Opposition in the West Bengal Legislative Assembly Suvendu Adhikari has sparked controversy after stating that Bangladesh should be taught a “lesson like Israel has taught Gaza.”
Adhikari made the remark while speaking to reporters outside the Bangladesh Deputy High Commission in Kolkata on Friday, December 26. “These people must be taught a lesson, just like Israel taught Gaza. Our 100 crore Hindus and the government working in the interest of Hindus must teach them a lesson just as we taught Pakistan a lesson in Operation Sindoor,” he said.
The statement came amid protests being held outside the Bangladesh Deputy High Commission since December 22, following the lynching of Dipu Chandra Das, a 27-year-old garment factory worker in Bangladesh. Das was killed on December 18 in the Mymensingh district, where his body was allegedly hung from a tree and set on fire in public view.
Adhikari was part of a five-member delegation that met senior officials of the Bangladesh Deputy High Commission on Friday. Speaking after the meeting, he claimed that the diplomats had “no answer to most of his questions” related to the killing and the situation of minorities in Bangladesh.
Reacting to his comments, the All India Trinamool Congress accused the BJP of promoting hate and intolerance. In a post on X, the party described Adhikari’s remarks as hate speech and alleged that they amounted to a call for violence, while also questioning the absence of legal action against him.
Adhikari’s statement has added to political tensions in West Bengal and raised concerns over inflammatory rhetoric linked to sensitive international and communal issues.
The @BJP4India’s Bengal ‘face’ wants a Gaza like operation against Bangladesh. Dog whistles that the @narendramodi government is for ‘Hindus’ only. Do you concur with this @narendramodi @DrSJaishankar ? Dirty politics of Divide and Rule won’t work in Bengal, @SuvenduWB pic.twitter.com/vLWm9b3AXb
— Sagarika Ghose (@sagarikaghose) December 27, 2025
