China rolls over $700m loan to Pakistan:Sources

China has rolled over their deposit of $700 million with the State Bank of Pakistan (SBP) on the existing terms as Islamabad’s foreign exchange reserves escaped further decline,citing sources.

According to details, the development was announced during a virtual meeting between officials of Ministry of Finance and Revenue and International Monetary Fund (IMF). Sources told that Pakistan has apprised the Fund of the debt rollover from China’s bank.

During the meeting, the IMF demanded the implementation of recovery plan from electricity and gas defaulters. The Fund has demanded an immediate improvement on power losses.  

Meanwhile, Federal Minister for Finance and Revenue Senator Ishaq Dar met Charge’d Affairs, Embassy of the People’s Republic of China, Ms. Pang Chunxue. The two sides also discussed the progress on CPEC projects and resolved to accelerate and enhance mutual cooperation. They discussed about further deepening these ties in economic as well as financial sectors, the statement added.

On the occasion, the Finance Minister highlighted the long-standing and deep-rooted brotherly ties between both countries and shared that China and Pakistan have strong bilateral relations in a number of economic avenues. He commended the support of Chinese leadership to Pakistan in its challenging times and shared various economic measures taken by the government to bring the economy on progressive path.

Ms. Pang Chunxue appreciated the policy steps taken by the government for sustaining and boosting the fiscal and monetary stability. She shared good will gestures and assured the continuous support of Chinese government to Pakistan and added that her government stands with people of Pakistan and is willing to provide every possible assistance.

Earlier in February, the State Bank of Pakistan’s (SBP) foreign exchange reserves witnessed an increase of $276 million to $3.193 billion after having maintained a declining trend in the last three weeks.

Courtesy ARY News