Pakistan receives $700 million from China

Pakistan receives $700 million from China

• The foreign exchange reserves of Pakistan fell to 2.9 billion USD. It is now slowly rising to 4 billion USD. The cash injection was the need of the moment for Pakistan. And China stepped in offering 700 million USD to help its “all-weather” friend.
• China Development Bank transferred the funds to Pakistan State Bank. Pakistan was also asking for help from the IMF. Unfortunately, the talks ended in failure. IMF is planning on sending 1.1 billion USD but no decision has been made yet.

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Published date : 25 Feb 2023 04:31PM