ISLAMABAD: A meeting of the Federal Cabinet will be held today for pre-budget economic consultation, which will be chaired by Prime Minister Shahbaz Sharif.
The meeting will also consider the overall situation in the country.
According to details, in view of inflation and economic crisis across the country, members of the federal cabinet will sit together before the budget. During the meeting, the preparation of federal budget and economic situation will be discussed.
Earlier, the federal cabinet granted its necessary approval for obtaining a loan facility worth two billion forty crore dollars from China at one percent margin for the period of next three years.
According to sources, the federal cabinet has granted its important approval through a circulation of summary to obtain the loan facility at one percent margin from China for a three years period under an agreement signed by the outgoing PTI government in year 2019.
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“[The] Cabinet has approved the finance Ministry’s summary to get a two billion and forty crore dollar worth loan from China,” said the sources.
They added that the Prime Minister has approved the placement of the summary before the cabinet through circulation under Rule 17 (1) (b) of the Rules of Business 1973 in view of the urgency to relieve the current pressures on the exchange rate.
According to available document titled as RMB 15 billion syndicate loan facility from China Development Bank, Industrial and Commercial Bank of China and Bank of China, China Development Bank in capacity of agent bank to the syndicated loan facility from consortium of Chinese banks i.e. China Development Bank, Industrial and Commercial Bank of China and Bank of China has granted to extend RMB 15 billion facility (US$2,4000.00 million) for a three years period at six month SHIBOR+1.50 percent margin.
