China, the all-weather friend of Pakistan, has deposited $2.1 billion into State Bank of Pakistan’s (SBP) foreign currency reserves on Monday to help Islamabad in making international payments mainly on import and debt repayment counters.
With this, Pakistan has so far received a total of $9.1 billion in financial assistance packages from friendly countries during the current fiscal year (2019) to date, including $4.2 billion from China, $3 billion from Saudi Arabia and $2 billion from United Arab Emirates (UAE).
The central bank tweeted, “State Bank of Pakistan has received RMB 15 billion value equivalent to $2.2 billion as proceeds of the loan obtained by the government of Pakistan from China.”
Deposit of RMB 15Bn equiv. to $2.1Bn received in #SBP A/C on Mar 25th 2019 from #China. Successful GoP multipronged strategy to ensure stability in #BOP including curtailing C/A, improving #remittances & ensuring adequate #FX financing. FX #reserves increase to comfortable level.— Dr. Khaqan Hassan Najeeb (@KhaqanNajeeb) March 25, 2019