The government has obtained these loans to retain foreign exchange reserves in double digits that could have slid below $10 billion after repayments of foreign debt, including to Saudi Arabia. The cabinet has approved a summary to waive taxes on foreign commercial loans, Federal Minister for Science and Technology Fawad Chaudhry confirmed to The Express Tribune. These include Chinese commercial loans, taken to repay the $3 billion Saudi Arabia debt ahead of schedule. Out of $3.04 billion loans, to be precise, an amount of $2 billion has been given by China. Another $2.5 billion loans will be received next week on account of Eurobonds, which will push the reserves to over $16 billion.

Source: The Express Tribune April 04, 2021 04:42 UTC