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China will rollover $2 billion SAFE deposits: Pakistan informs IMF

China will rollover $2 billion SAFE deposits in Pakistan

ISLAMABAD: China will rollover $2 billion DAFE deposits for Pakistan in the ongoing fiscal year.

The economic team of Pakistan informed the International Monetary Fund that China will rollover $2 billion deposits in the State Administration of Foreign Exchange (SAFE) in Pakistan.

Pakistan shared this information with the IMF team during virtual talks on Monday.

“Pakistan requested China for granting rollover of $2 billion SAFE deposits, which is going to mature by end of this month,” an official said.

Meanwhile, during Monday’s virtual talks, Pakistani economic team shared the external financing plan. By end-June, the foreign exchange reserves of Pakistan will surge to $10 billion.

Dar reiterates govt’s commitment to complete IMF program
Finance Minister of Pakistan Ishaq Dar

On Monday, IMF sought a guarantee from Pakistan about the foreign financing for the ongoing fiscal year. IMF seeks foreign financing guarantee from Pakistan to sign a staff-level agreement. This emerged in today’s virtual meetings between the IMF officials and economic team of Pakistan.

Saudi Arabia, UAE, China, and some other countries have announced financial support for Pakistan.

Meanwhile, finance minister Senator Muhammad Ishaq Dar said that the government has completed each and every requirement of the IMF to sign the staff-level agreement.

Dar said that the IMF has given a green signal on Monday for signing the agreement, but IMF came up with another upfront condition on Monday and sought proper guarantee from Pakistan.

Earlier, Pakistan received a $500 million loan from the Industrial and Commercial Bank of China on Friday, a few hours after Dar talked about approval of Chinese loan.

The ICBC transferred this amount into the State Bank of Pakistan account of the government on Friday night. The ICBC approved a $1.3 billion loan for Pakistan that will be hand over to Pakistan in March 2023.

Javed Mahmood
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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.


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