Federal Finance Minister Ishaq Dar has confirmed that the Chinese bank has deposited 700 million dollars.
Finance Minister Ishaq Dar wrote on the social networking site Twitter that “State Bank of Pakistan has received 700 million dollars sent by China Development Bank”.
State Bank officials say the money was received by China Development Bank after a rollover agreement. Sources said that an agreement had been reached between Pakistan and China in this regard. According to the sources, the foreign exchange reserves of Pakistan have reached close to 4 billion dollars with the recovery of the money, sources say that more financing will be available after the staff agreement with the IMF and the program is on track.
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
Two days before this, Finance Minister Ishaq Dar said in a statement on the social networking site Twitter that the Board of Directors of China Development Bank has approved the loan of 700 million US dollars to Pakistan. Formal proceedings pending’.
He had written that ‘this amount will come to the State Bank account by next week, after which the foreign exchange reserves will also increase’.
