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Pakistan to receive loan from China by March 25

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Islamabad, March 22 (IANS) Pakistan’s Finance Ministry has announced that the State Bank of Pakistan (SBP) will receive a $2.1 billion loan from China by March 25, the media reported on Friday.

Ministry spokesman Khaqan Najeeb Khan said on Thursday that “all procedural formalities” for the transfer of the loan being provided to Pakistan by the Chinese government have been completed, and “the funds will be deposited in the SBP account by Monday 25”, Dawn news reported.

The loan facility, the spokesman said, “will further strengthen foreign exchange reserves and ensure balance of payment stability”.

Following a meeting in Beijing between Chinese Premier Li Keqiang and Pakistan Prime Minister Imran Khan in November 2018, China had said that it was willing to offer assistance to Islamabad to help it weather its current fiscal woes but that the terms of such aid were still being discussed.

Shortly after, Chinese Consul General Long Dingbin had said during an interview that in order to “boost Pakistan’s economy”, Beijing is investing in multiple sectors and launching business ventures instead of providing loans.

Besides the loan package, the Chinese government has also offered Pakistan market access for three commodities – rice, sugar and yarn – worth $1 billion for the current calendar year, a Commerce Division official told Dawn on Thursday.

The official said rice shipments to China have already begun as part of the deal which was agreed during the Prime Minister’s China visit.

Under the agreement, exporters have been allowed to ship 200,000 tonnes of rice and 300,000 tonnes of sugar – total value of $300 million – to China in the ongoing calendar year.

Moreover, the agreement also includes preferential market access for around $700 million worth of yarn but it seems highly unlikely that Pakistan will have adequate surplus quantity of yarn to export to China as cotton production remains lacklustre.

This agreement will also be extended to calendar 2020. Pakistan’s exports to China are expected to reach $2.2 billion in the ongoing calendar year and $3.2 billion in the next, according to official figures.

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Why Chinese involvement in financial frauds in India is alarming

G.K. Goswami Inspector General ATS said Xu Xunfu’s business visa had expired in July 2020, while Li Teng Li’s tourist visa expired in September 2020.

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New Delhi, Jan 25 : Within a span of 15 days, two major financial fraud cases involving Chinese nationals have come to the forefront. Soon after the Delhi Police unearthed a transnational malware and fraud syndicate and arrested two Chinese women in a gang of 12 in multiple raids starting January 13, two Chinese have been caught by the UP ATS from Noida for fraudulent monetary transactions.

UP ATS arrested two Chinese citizens in money laundering case, fraudulently  carrying fake SIM card - The India Print : theindiaprint.com, The Print
Two Chinese nationals arrested by UP ATS for money laundering worth crores

This is cause for alarm as it raises apprehensions that multiple Chinese syndicates have been operating within the country to cheat and defraud Indian citizens and capture personal data of unsuspecting people for illegitimate purposes.

When it arrested Chinese nationals Chaohong Deng Daoyong, 27 and Wu Jiazhi, 54, the Delhi Police said the accused were installing malware in devices of people in the garb of a multi-level marketing application.

Police said that around 40,000 confirmed victims have been identified who have been cheated of crores in two months. Almost Rs 4.75 crores of cheated money has been blocked in various accounts and more than Rs. 25 lakhs recovered in cash from the arrested Chinese nationals.

“The malicious app was also making millions of Indian users follow thousands of social media accounts of unknown origin and ownership, with huge potential of future misuse of this by a foreign entity,” said Anyesh Roy, DCP Crime Crime.

Now the Uttar Pradesh Anti-Terror Squad (UPATS) has arrested Xu Xunfu a.k.a July and Li Teng Li a.k.a Alice from Gautam Buddha Nagar, following a red corner notice against them by the Interpol.

Additional Director General (law and order) Prashant Kumar said, “The UPATS arrested the two for purchasing SIM cards by submitting forged documents and then making fraudulent monetary transactions with those SIMs via banks. It is for the first time that the ATS has arrested Chinese nationals.”

He further said, “We traced the duo after interrogating 14 persons arrested last week from Delhi and different parts of Uttar Pradesh in a similar fraud.”

G.K. Goswami Inspector General ATS said Xu Xunfu’s business visa had expired in July 2020, while Li Teng Li’s tourist visa expired in September 2020.

The Delhi Police have also hinted two Chinese nationals Yangqing Zhang and Bao Peng , are the kingpins of this criminal conspiracy to cheat and defraud Indian citizens and hack into their devices through malicious mobile applications. This is a serious concern as kingpins of Chinese origin are hatching the conspiracy from locations outside India

Not just financial frauds but alleged Chinese involvement have also been claimed by Delhi police in a spying case as on September 14 last year, the Special Cell of the Delhi Police had arrested 61-year-old freelance journalist Rajeev Sharma, for allegedly working with Chinese intelligence.

During Sharma’s police remand, a Chinese woman Qing Shi and her Nepalese partner Sher Singh alias Raj Bohra were also arrested. They were allegedly found supplying the scribe with huge amounts of money routed through hawala channels for conveying sensitive information to Chinese Intelligence, DCP Special Cell Sanjeev Yadav had said.

This is why the Indian Police force in a coordinated manner is keeping extra vigil on the working of these fraudster syndicates involving Chinese nationals.

(Zafar Abbas could be reached at [email protected])

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Prachanda faction expels Prime Minister Oli from party

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Discord and division continue inside the Nepal Communist Party, which has not split formally but has virtually fallen apart after Prime Minister K.P. Sharma Oli unilaterally decided to dissolve the House of Representatives on December 20 without the party’s consent.

Since then, the Nepal Communist Party is acting like two parties — one headed by Oli himself and the other led by former Prime Ministers Pushpa Kamal Dahal aka Prachanda and Madhav Kumar Nepal. Both sides are running separate programmes across the country under the same banner as they await official recognition from the Election Commission.

Amid this row, the Prachanda-Nepal faction has taken disciplinary action against Oli.

A Standing Committee meeting of the faction held on Sunday decided to expel Oli from the party, its spokesperson Narayan Kaji Shrestha told the media.

The dissident faction has alleged Oli breached the party discipline and is liable to expulsion from the party. It had earlier relieved him from the post of party Chairman.

According to Pampha Bhusal, leader of the dissident faction, Sunday’s meeting decided to expel Oli even from the general membership, accusing him of violating the party statutes.

“He (Oli) is not even an ordinary member of the party now,” Bhusal said.

The faction had earlier asked Oli to furnish, within three days, an explanation why not action should be not taken against him for anti-party activities.

The faction had handed over this notice to the Prime Minister’s residence. However, Oli did not respond to the letter. Sunday’s meeting also reviewed the protest programme and discussed a new protest plan.

The faction had taken to the streets against the dissolution of the House of Representatives, terming the move unconstitutional and undemocratic.

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Pak okays Russian vaccine for ’emergency use’

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The Sputnik V has become the third vaccine to be approved for emergency use in the country — the first one being the Oxford University-AstraZeneca Covid-19 vaccine and the second one by Chinese state-owned firm Sinopharm. 

“In a meeting conducted by the registration board of the Drug Regulatory Authority of Pakistan (Drap), another vaccine has also been given EUA which was developed with the backing of Russian Develop­ment Investment Fund,” Dawn news reported on Sunday citing the official as saying. 
“Russia’s state-owned Sputnik-V has developed a double-dose vaccine, which is administered by syringes,” said the official. 

A local pharmaceutical AGP, he said, had been authorised as the sole importer and distributor of the Russian vaccine. 
The development comes as Pakistan’s overall coronavirus caseload has increased to 532,412 as of Sunday, while the death toll stood at 11,295.

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