China rolls over $2b deposits to Pakistan, confirms Dar

China rolls over $2b deposits to Pakistan

China has rolled over around $2 billion in funds deposited with Pakistan. This was confirmed by Federal Finance Minister Ishaq Dar on Friday.

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.


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