China approves $700 million financing for Pakistan
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China approves $700 million financing for Pakistan
ISLAMABAD (Dunya News) - The Board of the China Development Bank (CDB) has approved $700 million in financing for Pakistan.
Taking to Twitter, Finance Minister Ishaq Dar announced the approval of financing of $700 million by China to Pakistan.
"Formalities completed and Board of China Development Bank has approved the facility of US $ 700 million for Pakistan. This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves," Dar said in the tweet.
Formalities completed and Board of China Development Bank has approved the facility of US $ 700 million for Pakistan. This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves!
— Ishaq Dar (@MIshaqDar50) February 22, 2023
The minister said the State Bank of Pakistan (SBP) is expected to receive this amount this week and receiving the money will increase Pakistan's foreign exchange reserves.
Pakistan has been facing dire balance of payment crisis and needs to secure the $1 billion tranche under the $6.5 billion Extended Fund Facility from the International Monetary Fund (IMF).
