| Islamabad: Finance Minister (FM) Ishaq Dar has shared that the China Development Bank (CDB) has approved a loan worth USD 700 million for Pakistan, according to news published in the leading newspapers on February 22.
Read: China keen to set up industrial plant in Punjab
Finance Minister Ishaq Dar shared the news through his Twitter handle. He went on say that all the formalities have been completed and CDB will provide funds to the State Bank of Pakistan (SBP) by this week. It was mentioned that this will shore up the forex reserves.
Reportedly, the foreign exchange reserves held by the SBP were recorded at USD 3.192 billion, which was USD 276 million higher than the amount recorded on February 3. It was disclosed that the loan of USD 700 million from China will slightly rise in the next week’s forex review.
Read: Details shared on Pak-China small-scale hydropower cooperation
Minister of State for Finance and Revenue Aisha Ghaus Pasha, while talking about the agreement with International Monetary Fund (IMF), revealed that the virtual talks are being continued and things are moving forward positively. |
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