ISLAMABAD – The foreign exchange reserves of the crisis hit Pakistan has increased to $4.3 billion after a $500 million loan from a Chinese bank.
State Bank of Pakistan issued a statement, saying its foreign exchange reserves have moved up by $487 million as the country’s all-weather friend came to rescue the South Asian nation in hard times.
The country’s central bank got a lifeline of $500 million last week from the Industrial and Commercial Bank of China (ICBC) under a $1.3 billion loan facility, which comes on the heels of $700 million from the China Development Bank.
Despite pledges, the country of over 220 million hasn’t got funds from any friendly nation except for Beijing as all eyes are on International Monetary Fund for bailout funds.
Islamabad will repay about $3 billion in dues in the coming months while $4 billion is expected to be rolled over, State Bank Governor lately confirmed the following the announcement of the monetary policy rate.
Amid the recent developments, the country’s finance chief Ishaq Dar claimed that US-based lender was satisfied with his government measures. Staff-level agreement is expected to be in the next few days, he said.
