Pakistan to get $2.1bn from China today

F.P. Report

ISLAMABAD: Dr Khaqan Najeeb, adviser and spokesman for Ministry of Finance has confirmed that Pakistan will receive $2.1 billion from China on Monday (today).

This he said while sharing the news in tweet this morning, he wrote, “The ministry of finance has completed all procedural formalities with Chinese counterpart for facility of RMB 15 billion equivalent to $2.1 billion.”

Dr Khaqan Najeeb 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.

Dr Khaqan added 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.

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.