China to give fresh $600m to Pakistan

MG News | July 26, 2023 at 11:59 AM GMT+05:00

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July 26, 2023 (MLN): In a significant development for Pakistan's economy, a consortium of two major Chinese banks is set to disburse a generous sum of $600 million to the country in the coming days.

The arrival of these funds will further strengthen Foreign Exchange reserves.

As of now, the country's total FX reserves stand at $8.73 billion, as per the data released by the State Bank of Pakistan (SBP) on July 20.

According to the sources of Ministry of Finance, China's Exim Bank has approved extending Pakistan’s $2.1 billion loan from July 21, 2023, to June 30, 2025.

Moreover, the bank further informed that Pakistan would not have to bare any additional markup on this extension.

It is worth noting that Exim Bank rolled over Pakistan’s $600m loan on July 18 which helped increase the country’s Foreign Exchange Reserves.

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