$700 million loan arrangement finalizes between Pakistan and China
Federal Finance Minister Ishaq Dar said formalities of acquiring China Development Bank loan have been completed, Pakistan is expected to receive $700 million this week, which will increase country's foreign exchange reserves
Federal Finance Minister Ishaq Dar says State Bank (SBP) will receive 700 million dollars this week, which will increase Pakistan’s foreign exchange reserves.
In his message on the social networking site Twitter, Federal Finance Minister Ishaq Dar shared the details of China Development Bank loans and said that 700 million dollars will be received this week.
Ishaq Dar said in his tweet that all the formalities for obtaining China Development Bank loan have been completed. The board has approved 700 million dollars for Pakistan.
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The Federal Finance Minister has expressed hope that $700 million is expected to be received by the State Bank of Pakistan (SBP) this week, which will increase its foreign exchange reserves.
According to the sources, the procedure for obtaining 700 million dollars from the China Development Bank has been decided. The Federal Finance Minister has expressed hope that the board will release the money this week itself.
Formalities completed and Board of China Development Bank has approved the facility of US $ 700 million for Pakistan. This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves!
— Ishaq Dar (@MIshaqDar50) February 22, 2023
A $700 million loan agreement between Pakistan and the China Development Bank was finalized last week and the transfer of funds is expected this week, according to government officials.
Finance Secretary Hamid Yaqub Shaikh told the Standing Committee on Finance of the National Assembly that a loan will be rolled over in a day or two. He did not clarify the origin of the money and the amount of the loan.
It is to be remembered that Federal Finance Minister Ishaq Dar had a meeting with Charge d’Affaires of the Chinese Embassy, Peng Chunxu, in which the relations between the two countries were discussed.
The Finance Minister appreciated the Chinese leadership’s support for Pakistan in difficult times. In the meeting, further strengthening of relations in economic and financial sectors was also discussed.
