China rolls over $2b deposits in Pakistan, confirms Ishaq Dar

Ishaq Dar, the federal finance minister, announced that China has agreed to roll over $2 billion in Pakistan’s deposits.

Ishaq Dar confirmed the development and stated that the $2 billion in deposits at the State Administration of Foreign Exchange (SAFE) will be rolled over for a year. The State Bank of Pakistan’s foreign exchange reserves will undoubtedly increase, according to the finance minister. In order to unlock the long-awaited staff-level agreement, one of the IMF’s conditions for receiving the rollover of Chinese SAFE deposits for meeting external financing needs.