Pak to receive USD 2.1 billion loan from China by March 21
Islamabad: Cash-strapped Pakistan will receive over USD 2 billion loan from its "all-weather" ally China by Monday to provide a boost to its ailing economy, the Finance Ministry has announced.
Ministry's adviser and spokesperson Khaqan Najeeb Khan said that "all procedural formalities" for the transfer of the USD 2.1 billion (15 billion yuan) loan being provided by the Chinese government have been completed, and "the funds will be deposited in the State Bank of Pakistan's account by Monday, March 25", the Dawn newspaper reported.
Pakistan has received USD 1 billion each from Saudi Arabia and the UAE, as part of the bailout packages by the two Gulf nations to help shore up Islamabad's dwindling foreign currency reserves.
Saudi Arabia's assistance was part of the USD 6 billion bailout package - USD 3 billion balance-of-payments support and another USD 3 billion in deferred payments on oil imports - which Riyadh had agreed in October last year.
Islamabad is also in talks with the International Monetary Fund (IMF) for a bailout package.
The loan facility "will further strengthen foreign exchange reserves and ensure balance of payment stability," the spokesperson said.
Following a meeting in Beijing between Chinese Premier Li Keqiang and Prime Minister Imran Khan in November 2018, China said that it was willing to offer assistance to Pakistan to help it weather its current fiscal woes but the terms of such aid were still being discussed.
Shortly after, Chinese Consul General Long Dingbin had said during an interview that in order to "boost Pakistan's economy", Beijing was investing in multiple sectors and launching business ventures instead of providing loans.
Earlier, Pakistan officials said that Islamabad would seek around USD 8 billion from the IMF which would be the biggest package by the Fund for Islamabad.
Although the Pakistan government has secured a breathing space from Saudi Arabian and the UAE loans, an IMF programme is essential to unlock access to resources from other multilateral lenders like the World Bank and the Asian Development Bank, as well as the global capital markets.
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Rickelton's ton in vain as SRH beat MI by 6 wickets
Mumbai (PTI): Ryan Rickelton's whirlwind unbeaten ton was overshadowed by Heinrich Klaasen's unbeaten 65 as Sunrisers Hyderabad defeated Mumbai Indians by six wickets in an IPL match here on Wednesday.
Chasing an imposing 244-run target, Travis Head (76 off 30) and Abhishek Sharma (45 off 24) shared 129 runs for the opening wicket to set the platform for SRH.
Klaasen (65 not out off 30 balls) then displayed his all-round hitting abilities to guide SRH home with the help of Nitish Kumar Reddy (21) and Salil Arora (30 not out off 10) in 18.4 overs.
Earlier, Rickelton's knock powered MI to 243 for five.
MI rode on a 93-run stand between Rickelton (123 not out off 55 balls) and Will Jacks (46 off 22) in 7.1 overs for the opening stand to power the side.
MI skipper Hardik Pandya scored a valuable 31 off 15 balls before being dismissed.
Praful Hinge (2/54), Eshan Malinga (1/29), Sakib Hasan (1/39) and Nitish Kumar Reddy (1/31) were the wicket-takers for SRH.
Brief Scores:
Mumbai Indian: 243 for 5 in 20 overs (Ryan Rickelton 123 not out; Praful Hinge 2/54).
Sunrisers Hyderabad: 249 for 4 in 18.4 overs (Travis Head 76, Heinrich Klaasen 65 not out; AM Ghazanfar 2/51).
