The State Bank of Pakistan (SBP) on Friday received $700 million as proceeds of a loan from the China Development Bank (CDB), the development was confirmed by Finance Minister Ishaq Dar in a tweet.
The inflow will push the reserves held by the central bank close to $4 billion, up from the last recorded level of $3.259 billion on February 17 and significantly improve the country’s import cover.
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
Earlier in the week, the finance minister announced that the Board of China Development Bank has approved the facility of $700 million for Pakistan.
The reserves are likely to strengthen even more in the coming weeks as Pakistan is inching closer to the staff-level agreement with the International Monetary Fund (IMF), which will not only unlock a loan tranche of $1.1 billion but will also result in financial assistance from friendly countries.
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