Pakistan’s central bank announced on Friday that it has received a $1 billion loan from China, bringing the country’s foreign exchange reserves back to over $4 billion. Earlier on Friday, Finance Minister Ishaq Dar had announced that Pakistan would receive a $1 billion Chinese commercial loan within 72 hours. Referring to a story published in The Express Tribune, Dar confirmed that Pakistan had paid off a $1 billion loan from the China Development Bank (CDB) earlier in the week. According to the finance minister, the State Bank of Pakistan (SBP) would receive the $1 billion either on Friday or the following Monday. Dar stated that similar treatment would be applied to the Bank of China loan, with early repayment and China returning the amount before June 30th.

Source: The Express Tribune June 17, 2023 10:35 UTC