China rolls over $2b deposits in Pakistan, confirms Ishaq Dar
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Federal Finance Minister Ishaq Dar has revealed that China has granted a rollover of $2 billion deposits to Pakistan, reported 24NewHD TV channel.
Confirming the development to 24News TV channel, 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.
According to reports, the extension was one of the requirements of the IMF for getting the rollover of Chinese SAFE deposits for meeting external financing needs in order to move towards unlocking the much-awaited staff-level agreement.
Reporter Waqas Azeem