China to deposit $2.1bn with Pakistan by Monday: finance ministry
ISLAMABAD: Pakistan will receive loan worth ¥15bn ($2.1bn) from China by Monday, said finance ministry on Thursday.
Finance ministry spokesperson Dr. Khaqan Najeeb Khan confirmed that the State Bank of Pakistan (SBP) would receive 15 billion yuan loan from China by Monday.
He said that all procedural formalities for the transfer of the loan being provided to Pakistan by the Beijing had been completed and the amount would be deposited in the SBP account by March 25.
The spokesperson said that the new deposit would further strengthen foreign exchange reserves and would ensure balance of payment stability.
Earlier, Ministry of Finance sources, on December 17, had said that China woudl deposit US two billion with Pakistan to help the country in its balance of payment crisis.
The expected two billion dollars were likely to be received in a single tranche this month, the sources further had said.
The United Arab Emirates (UAE) also provide a similar package to Pakistan including the loan and deferred payment facility for the oil.
On January 25, Pakistan had received the last tranche of one billion dollars as part of the Saudi Arabia bailout package.
A State Bank of Pakistan official had confirmed that the bank had received the third tranche of the Saudi bailout package and the foreign exchange reserves of the bank stand at US$8.86 billion whereas foreign exchange reserves of the country had reached to $15.25 billion.