Tuesday, July 23, 2024

China Rolls Over $2 Billion Deposits as Pakistan Struggles to Secure IMF Deal

According to sources, China has renewed its $2 billion safe deposit with Pakistan on the current terms, preventing a further decrease in Islamabad’s foreign exchange reserves.

China has rolled over $2 billion, according to sources in the finance ministry, in a significant milestone toward securing a staff-level agreement with the International Monetary Fund (IMF).

Pakistan needed to confirm external finance with the IMF in order to restart the loan program that had halted. For a year, Beijing has extended the safe deposit with Pakistan.

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