Pakistan seeks USD 600 million in fresh loans from two Chinese banks to bridge financing gap: Reports November 08, 2023 at 11:27PM

Pakistan has requested fresh loans totaling $600 million from two Chinese banks, as it negotiates with the IMF for the release of the second tranche of a $3 billion bailout package. The government is in advanced negotiations with the Industrial and Commercial Bank of China and the Bank of China, with each bank being approached for $300 million in financing. These loans are expected to be received by next month. China has become Pakistan's last hope for emergency financing in recent years.