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Pakistan to receive $2.1bn from China Monday

ISLAMABAD: Pakistan will receive $2.1 billion from China by Monday which would further shore up the country’s depleting foreign exchange reserves.

Dr Khaqan Najeeb, adviser and spokesman for Ministry of Finance, in a tweet on Saturday said, “The ministry of finance has completed all procedural formalities with Chinese counterpart for facility of RMB 15 billion equivalent to $2.1 billion.”

He said that the funds would be deposited in the State Bank of Pakistan (SBP) account by Monday (March 25) which would further strengthen foreign exchange reserves and ensure balance of payment stability.

He, however, clarified that the discussions with international partners do not entail any target level of exchange rate.

The spokesman said that focus was on further strengthening the exchange rate regime and keeping it consistent with the evolving macroeconomic fundamentals of the economy. He said the news about fixing exchange rate target was baseless and unfounded.

Read More: Pakistan’s foreign reserves stand at $15.709 bn: SBP

“Clearly no target PKR/USD exchange rate is envisaged. Speculation baseless and unfounded,” he explained.

State Bank of Pakistan’s economic models point to the real effective exchange rate at equilibrium value, he said, adding stability in balance of payment was ensured with a fall in current account deficit and more than adequate foreign financing availability.

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