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  1. R Star

    R Star New Member I Love Reading

    China has agreed to roll over a loan of $500 million that it has placed with the State Bank of Pakistan (SBP) as the country’s official foreign currency reserves remain in a precarious position despite taking $44 billion in foreign loans in the past around five years.
    The People’s Bank of China, through China’s State Administration of Foreign Exchange (SAFE), had deposited $500 million with the SBP in June 2012. The loan is going to mature in the first week of June this year, but China has agreed to roll it over for one more year, said sources in the Ministry of Finance.
    Pakistan cannot use the $500-million Chinese deposit and its only purpose is to shore up foreign currency reserves.
    Mishaikh and Veer like this.
  2. Mishaikh

    Mishaikh Popular Pakistani I Love Reading

    China, true friend. But we are not our own friend. They extended help in our all difficult situation.

    @R Star