China approves a safe deposit rollover of $2 billion to Islamabad in order to stabilize Pakistan’s economy.
Finance Minister Ishaq Dar claimed to get the rollover of $2 billion SAFE deposits from china.
Also Read: China Development Bank Approves 700 Million Dollars Loan for Pakistan
It’s a major development by china to secure a staff-level agreement with the International Monetary Fund (IMF).
Beijing has rolled over the safe deposit with Pakistan for a year.
For the revival of the stalled loan programme with the IMF, Pakistan had to confirm external financing with the fund. IMF has asked Pakistan to bridge the gap of $6 billion in simply an attempt to ensure its credibility. Non-materialization may result in Pakistan sliding into default.
Now, all eyes are on the Kingdom of Saudi Arabia (KSA), the UAE and Qatar to bail out Pakistan’s struggling economy.
The Finance Ministry said Pakistan was seeking to get $2 billion each from China and Saudi Arabia, while meetings were underway to get $1 billion from the United Arab Emirates.
Earlier, Finance Minister Ishaq Dar assured that details of the staff-level agreement with the International Monetary Fund (IMF) would be made public.
While Speaking at the Senate Committee, the Finance Minister said once the staff agreement is signed, it will be put on the website of the Finance Ministry.
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