ISLAMABAD: The finance minister of Pakistan Ishaq Dar announced here on Wednesday that to raise the forex reserves, the Board of China Development Bank has approved a $700 million financial facility for Pakistan.
On social media network, Twitter, the finance minister of Pakistan Ishaq Dar shared a post in which he said that “Formalities completed and board of China Development Bank has approved the facility of US $700 million for Pakistan.
He further said on social media that “”This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves!” tweeted finance minister Dar, adding that the formalities have been completed.
While talking about the issue of re-financing of commercial loans from Chinese banks, a top Pakistani official told to the media that they were hopeful that all Chinese matured loans would be re-financed soon.
According to Intdailynews latest news, the official sources said that two more commercial loans were expected to be re-financing including $500 million and $800 million.