$700 million Chinese assistance to shore up forex reserves: Dar

Federal Finance Minister Senator Ishaq Dar has disclosed that China will extend $700 million assistance to Pakistan, reported 24NewsHD TV channel.

In a tweet uploaded on Wednesday, Ishaq Dar said formalities have been completed and Board of China Development Bank has approved the facility of US$700 million for Pakistan.

The finance minister said that this amount is expected to be received this week by the State Bank of Pakistan which will shore up its forex reserves.

https://twitter.com/MIshaqDar50/status/1628295933942177797 
It may be mentioned here that Ishaq Dar has appreciated support of Chinese leadership to Pakistan in its challenging times in a meeting with Charge’d Affaires, Embassy of China Pang Chunxue who called on him in Islamabad on Tuesday.

Welcoming Pang Chunxue, the finance minister highlighted the long-standing and deep-rooted brotherly ties between both countries.

Total liquid foreign #reserves held by the country stood at US$ 8.70 billion as of February 10, 2023.
For details https://t.co/WpSgomnd3v pic.twitter.com/Bg7WJUryJy

— SBP (@StateBank_Pak) February 16, 2023

Chinese Charge’d Affairs appreciated the policy steps taken by the government for sustaining and boosting the fiscal and monetary stability.

The two sides also discussed the progress on China Pakistan Economic Corridor projects and reiterated to further expedite the successful implementation of its projects for the mutual benefits of the two countries.