As recently as October of last year, Pakistan’s foreign exchange reserves stood at an all-time record high of $24 billion. Since then, however, a combination of the rapidly increasing international price of oil and an uptick in our import bill have caused our reserves to plunge, with the State Bank of Pakistan now holding at $16.5 billion with another $5 billion held by commercial banks. In response, the SBP is now borrowing dollars from local…
Posts tagged as “China-Pakistan Economic Corridor”
AJK premier’s China funding claim proves to be a white lie
By globalpoliticsnews on February 9, 2017
by Sheraz Rathore in Daily Times, Feb 9, 2017 ISLAMABAD: Azad Jammu and Kashmir (AJK) Prime Minister Farooq Haider’s claim regarding funding of the Mansehra-Muzaffarabad-Mangla road by China has proved to be false, as the Planning Commission has refuted the claim. A news item was released by the press secretary to the AJK PM on Tuesday, claiming that China has approved funds for the construction of Mansehra-Muzaffarabad-Mangla road under the China-Pakistan Economic Corridor (CPEC), and…