Pakistan has been guaranteed financial backing from Beijing, senior officials said, as the incoming government of Imran Khan looks to avoid having to go to the IMF to solve its foreign exchange crisis.
Senior members of Mr Khan’s Pakistan Tehreek-e-Insaf party have told the Financial Times they have been assured they will get further loans from Beijing over the coming months as one way to keep their currency stocks topped up.
Chinese state-backed banks have lent Pakistan more than $5bn in the past financial year as Islamabad has become increasingly reliant on its northern neighbour to secure its finances.
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