Pakistan receives funds of $700 million from China
Alhumdulillah! State Bank of Pakistan has received funds from China Development Bank, Finance Minister confirmed
Pakistan received funds of 700 million dollars from China.
Federal Finance Minister Ishaq Dar thanked God while confirming the receipt of money from China.
Finance Minister wrote in his tweet that “Alhamdulillah, State Bank of Pakistan has received funds of 700 million dollars from China Development Bank.” According to State Bank sources, the money was received by China Development Bank after the rollover agreement.
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AlhamdoLilah!
Funds $ 700 million received today by State Bank of Pakistan from China Development Bank. https://t.co/7eLwWkSFgO
— Ishaq Dar (@MIshaqDar50) February 24, 2023
Earlier on February 22, the Finance Minister informed through him that the formalities have been completed and the Board of China Development Bank has approved the $700 million facility for Pakistan. The money is expected to be received by the State Bank of Pakistan this week, which will add to its foreign exchange reserves.
According to the data released by the State Bank of Pakistan on February 22, the total domestic foreign exchange reserves as of February 17 were 8 billion 726 million dollars.
