Finance Minister Ishaq Dar announced on Wednesday that the board of the China Development Bank (CDB) has approved a loan facility of $700 million for Pakistan and formalities in this regard have been completed.
\nThe State Bank of Pakistan (SBP) was expected to receive the money this week, which would help shore up the country\u2019s dwindling foreign exchange reserves, Dar wrote on Twitter.
\nPakistan is in dire need of funds as it battles a worsening economic crisis with the country\u2019s foreign exchange reserves dropping to around $3 billion, barely enough to cover three weeks of controlled imports.
\nThe government is currently holding virtual talks with the International Monetary Fund (IMF) for an economic bailout that would lead not only to a disbursement of $1.2bn but is also expected to unlock inflows from friendly countries and other multilateral institutions.
\nDar had said earlier this year that the country\u2019s foreign reserves situation would be \u201cmuch better than you can think\u201d by end-June.
\nChina and Saudi Arabi would enhance their support, government-to-government (G2G) disinvestments would be completed, and the current acc\u00adount deficit would be about $3bn less than earlier projections, he had said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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