The government is preparing to borrow $5 billion from China, Russia and Kazakhstan for economic stability, reported 24News HD TV Channel on Monday.

According to the report, a deal of a loan of $3 billion is expected during Prime Minister Imran Khan's upcoming visit to China.

The report said that proposals to borrow $2 billion from Russia and Kazakhstan are also under consideration.

It is proposed to spend $2 billion borrowed from Kazakhstan and Russia on the ML-1 and $3 billion loans from China is proposed to stabilize foreign exchange reserves.

The source said that a preliminary agreement of $3 billion loans with China has been proposed for one year.

On the other hand, the Ministry of Economic Affairs said that no decision has been made to take a new loan of five billion dollars from China-Russia and Kazakhstan.