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$2.1b from China to be deposited into State Bank’s account by March 25

This will raise Pakistan's foreign exchange reserves

SAMAA | - Posted: Mar 22, 2019 | Last Updated: 3 years ago
SAMAA |
Posted: Mar 22, 2019 | Last Updated: 3 years ago

Photo: AFP

China will be depositing $2.1 billion into the State Bank of Pakistan’s account by March 25.

This is will strengthen the country’s foreign exchange reserves, which are currently at $8.8 billion.

The government was able to secure back to back aid packages from Saudi Arabia and the UAE during Prime Minister Imran Khan’s visits to these countries last year.

Related: Dollar hits four-month high

The Saudi government has dispatched the $3 billion it had pledged in support of our foreign exchange reserves. The UAE, on the other hand, has sent $2 billion and will send another $1 billion soon.

As Pakistan started receiving these loans, the dollar became stable. However, the current level of reserves, $8.8 billion, is still below the sustainable level. That is it is not enough to cover three months of import payments.

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2 Comments

  1. Sajjad  March 22, 2019 9:16 pm/ Reply

    I think Pakistan will be keep borrowing Untill it allow its People to build factories of different products for export, which mean zero tax on raw materials

    2nd if the goverment ask different countries to accept skilled workers this does not mean highly educated people

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