China Rolls Over $2 Billion SAFE Deposits to Pakistan

A high-level delegation led by the Director of China’s Central Foreign Affairs Commission, Yang Jiechi, announced the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits to Pakistan on Tuesday.

In a meeting with Prime Minister (PM) Shehbaz Sharif in Islamabad yesterday, the delegation conveyed that China will export 200,000 MT of urea fertilizer to Pakistan, according to an official press release.

The PM welcomed Director Yang and expressed satisfaction with the growing bilateral trade and financial linkages, which, with China’s support, are playing an invaluable role in helping Pakistan offset external shocks to the global economy and are demonstrating the continued resilience of Pakistan-China cooperation at a time of heightened uncertainty on the world stage.

The two sides concluded the following protocols/MoUs during the visit:

  • An MoU on the terms of reference/scope of works of G2G joint technical working group for the realignment of the Karakoram Highway from Thakot to Raikot.
  • Protocol for the sanitary and phytosanitary requirements for Rhodes Grass exported from Pakistan to China.
  • Protocol for Quarantine and Health Requirements for buffalo embryos to be exported from Pakistan to China.
  • An acceptance letter for 3,000 sets of solar home systems.

The Chinese delegation also comprised the Vice Ministers for Foreign Affairs and Commerce, the Vice Chairman of the China International Development Cooperation Agency (CIDCA), and the Deputy Secretary-General of China’s National Development and Reform Commission (NDRC).