PM Shehbaz says China rolls over another $600m loan

F.P. Report

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday said China had rolled over another loan of $600 million, resulting in further increase in Pakistan’s foreign reserves.

Addressing the launching ceremony of the Prime Minister’s Youth Sports Initiative, Shehbaz said the Exim Bank of China a day earlier rolled over $600m to Pakistan, adding that assistance from friendly countries was improving economic indicators in the country.

Last week, Finance Minister Ishaq Dar had said that the International Monetary Fund (IMF) had transferred an amount of $1.2 billion to the State Bank of Pakistan as a first tranche under the stand-by agreement, which was approved its executive board.

In a televised statement, Dar said the remaining $1.8 would be released after two reviews, meaning that there would be two instalments.

Pakistan’s foreign reserves had jumped by $4.2 billion during the last four days, he said – in a reference to $2bn deposit made by Saudi Arabia and another $1bn received from the United Arab Emirates (UAE).

Noting that Prime Minister Shehbaz Sharif played a pivotal role in the reaching the deal with the IMF, Dar said the economic team had extended full support to him during the complicated process.

The country was gain on the move towards development, said the finance minister who stressed that everyone would have to contribute for continuing the journey.