Economy

China Refinances Over $600 Million Debt to Boost Pakistan’s Reserves

The Export-Import (Exim) Bank of China has taken a significant step to bolster Pakistan’s dwindling reserves by refinancing over $600 million to the State Bank of Pakistan (SBP). This move comes as a positive development in the country’s efforts to strengthen its central bank’s holdings.

Prime Minister Shehbaz Sharif made the announcement during an event in Islamabad, highlighting China’s rollover of the matured debt on Monday. In his statement, the Prime Minister emphasized that while foreign exchange reserves are increasing, the goal is to achieve this through generating income rather than relying solely on loans.

Expressing confidence in the potential of Pakistan’s youth, Prime Minister Shehbaz Sharif emphasized their ability to excel and lead the nation in various domains, including sports, information technology, industries, and agriculture.

This latest rollover comes in addition to the $5 billion+ loans refinanced by China for Pakistan over the past three months, which have helped the country avoid default during discussions for an IMF bailout. Alongside previous disbursements of $1.2 billion from the International Monetary Fund, $1 billion from the United Arab Emirates, and $2 billion from the Kingdom of Saudi Arabia, the inflow of funds is expected to raise SBP’s foreign exchange reserves to over $9 billion.

Also, see:

HBL Contributes Over Rs. 4 Billion to Social Uplift of Pakistan

Topics #News #Pakistan

Zainab Shafiq

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