China rolls over another $600 million loan to Pakistan, says PM Shehbaz

China rolls over another $600 million loan to Pakistan, says PM Shehbaz

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Tuesday said that the Exim (Export-Import) Bank of the all weather friendly country China had rolled over another $600 million for Pakistan which helped further increasing the country's foreign exchange reserves.

The premier was addressing the launching ceremony of the Prime Minister's Youth Sports Initiative in Islamabad.

"Our forex reserves are going up but I wish that these reserves should increase on the back of our own resources rather than the foreign debts," PM Shehbaz said.

The prime minister launched multiple initiatives for promotion of sports culture and welfare of the sportspersons including the Rs5 billion Pakistan Sports Endowment Fund.

He launched Pakistan Sports Endowment Fund with initial seed money of Rs5 billion to provide financial assistance and other facilities to the emerging players and retired sportspersons of the country.

PM Shehbaz also performed soft launch of the first dedicated Sports University in the country to produce critical pool required for sports events such as planners, managers, technical staff, nutritionists, physiotherapists and others.

He also launched the Elite Sportspersons Development Programme and E-Sports development programme.
Addressing on the occasion, Shehbaz Sharif said Pakistan’s highly talented sportspersons deserve appreciation from the nation as despite limited resources, they promote the positive image of the country across the world.

The premier said that out of Rs5 billion allocated for Pakistan Sports Endowment Fund, a direct investment of Rs2.5 billion would be made to meet various expenses of the players including tickets, logistics, hotel and other expenses.

"However said this amount needed to be increased as it was not sufficient to meet the full requirements of the sportspersons," he said.

PM Shehbaz said that said Pakistan youth was not less talented then the world as if they were fully capable of competing the world.

"If they were given opportunities, they could lead the world in the area of sports," he said.
On the occasion, he also presented  Rs5 million cheque to the medal winning Special Olympics Team of Pakistan.

Speaking on the occasion, Minister for Inter-provincial coordination Ehsan ur Rehman Mazari said that the government took structural changes in the country's sports to meet the emerging needs of games.

Special Assistant to the Prime Minister (SAPM) on Youth Affairs Shaza Fatima Khawaja said on special directives of the premier, several sports' departments that were closed by the previous government had been restored due to which some 40,000 sportspersons who lost their jobs, had also been restored.

She said out of Rs5 billion fixed for the Pakistan Sports Endowment Fund, Rs 1 billion would be spent for the establishment of the first dedicated Sports University in the country.

The SAPM said that during previous one year, talent hunt programme was launched for hockey, volley ball and football in all provinces including AJ&K, and Gilgit Baltistan to provide platform to the youth to show their talent.
Minister for Information Marriyum Aurangzeb, renowned sportspersons and high government officials were also present on the occasion.