Pakistan ‘receives’ $700 million from China in sigh of relief amid economic meltdown


ISLAMABAD – In a sigh of relief for cash-strapped Pakistan, the central bank of the South Asian nation reportedly received $700 million from the China Development Bank (CDB).

Reports in mainstream media on Friday claimed that the foreign exchange reserves of the State Bank of Pakistan saw a boost as the nation received $700 million from the China Development Bank (CDB).

Lately, the country’s finance chief Ishaq Dar said the board of the China Development Bank approved a loan facility for Islamabad worth $700 million, and the formalities in this regard have been completed.

In a social media post, the PML-N stalwart said the funds would help foreign exchange reserves.

The credit facility is said to be a major relief for dollar-starved Pakistan as the forex reserves held by the country’s central bank plunged to critical levels in recent times.

Pakistan’s all-weather friend China is already the single largest creditor of South Asian nation with its commercial banks holding about 30 percent of its external debt.