Pakistan receives $2.1 billion from China

 

ISLAMABAD: The State Bank of Pakistan (SBP) has received $2.1 billion from China, said a message received from the bank on Monday.

“The SBP has received RMB 15 billion value, equivalent to $2.1 billion as proceeds of the loan obtained by the government of Pakistan from China,” the message added.

With the addition of $2.1 billion in the national exchequer, the foreign reserves are expected to reach over $17 billion.

Earlier, on March 12, Pakistan had received $1 billion from United Arab Emirates (UAE), which would further improve its balance-of-payment situation. In a statement, Najeeb said the payment would also help improve the foreign exchange reserves of the country.

Finance Minister Asad Umar said it was due to effective policies of the government that country's that the situation of balance of payments was improving.

Pakistan and UAE have been working closely to transform the existing special relations into a “Long-Term Strategic Economic Partnership.”

UAE had earlier pledged $3 billion to support Pakistan overcome its balance of payment crisis.