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.
