Pakistan ‘receives’ $700m from China bank

ISLAMABAD: As a result of the country receiving $700 million from the China Development Bank (CDB), the State Bank of Pakistan’s (SBP) foreign exchange reserves saw a significant increase on Friday, according to sources. At this crucial time, Pakistan’s $700 million deposit from China will serve as a lifeline for the cash-strapped nation. Pakistan has been struggling to pay off its extraordinarily high levels of external debt and barely has enough dollars to cover less than three weeks’ worth of imports. The coalition government has struggled to increase SBP-held foreign exchange reserves, which as of February 17 were $3.25 billion. Despite this, the $6.5 billion revival effort has been delayed.