China rolls over $2b deposits in Pakistan, confirms Ishaq Dar

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ISLAMABAD, MAR 24 (DNA) — China has rolled over its safe deposit of $2 billion with Pakistan on the existing terms as Islamabad’s foreign exchange reserves escaped further decline.

In a major development to secure a staff-level agreement with the International Monetary Fund (IMF), China has rolled over $2 billion, sources within the finance ministry said. For the revival of the stalled loan programme with the IMF, Pakistan had to confirm external financing with the fund.

Beijing has rolled over the safe deposit with Pakistan for a year. Meanwhile confirming the development, Federal Finance Minister Ishaq Dar has said that China has granted a rollover of $2 billion deposits to Pakistan.

Ishaq Dar said the rollover of $2 billion State Administration of Foreign Exchange (SAFE) deposits will be for one year. The finance minister said it will certain boost the forex reserves of the State Bank of Pakistan. — DNA