Pakistan received USD 1 billion from China, according to ARY News which cited the State Bank of Pakistan, providing significant financial help to the cash-strapped nation.
China's payment came as a ray of light for the country while it waits for the International Monetary Fund to receive a loan from the bailout program.
Pakistan Finance Minister Ishaq Dar stated that China will refinance the USD 1.30 billion recently paid to settle a Chinese loan today or on Monday in response to concerns about the country's declining foreign reserves.
"This is to inform you that USD 1 billion has been received from China," said the central bank in a brief message to journalists on Friday night.
Due to financial difficulties and a delay in reaching an agreement with the IMF that would provide much-needed cash essential to avoid the risk of default, Pakistan's economy is in shambles.
In the midst of instability in politics, Pakistan is not indicating any signs of obtaining external financing anytime soon.
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