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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Miscreants decamp with 70 kg silver articles from jewellery shop in Bengaluru
Bengaluru (PTI): Unidentified miscreants allegedly broke into a jewellery shop here and decamped with approximately 70 kg of silver articles worth crores of rupees, police said on Friday.
The incident was reported at a jewellery shop near 8th Mile, Havanur, on April 28, they said.
According to police, the accused are suspected to have entered the premises from the rear after breaking open the lock and drilling a hole through the wall of the shop.
The incident came to light at around 7 am on April 28 when shop staff opened the premises and discovered signs of forced entry and extensive damage to the rear section of the building, following which they alerted police authorities.
Preliminary estimates indicate that around 70 kg of silver articles, worth crores, were stolen. Most of the silver items displayed in the cupboards were taken, while valuables kept in the locker remained intact, a senior police officer said.
Police said CCTV cameras inside the shop were not functioning. Efforts are underway to identify the suspects using footage from cameras installed in the vicinity.
The miscreants also allegedly took away the Digital Video Recorder (of CCTV) of an adjacent shop, the officer added.
Investigators are also examining the tools and techniques used to gain access to the shop, suspecting the involvement of a professional gang with prior knowledge of the store layout.
A case has been registered at Bagalagunte Police Station, and further investigation is underway to identify and apprehend the accused, police said.
