World: China lends cash-strapped Pakistan $700 million
Coming as a much-needed increase in Pakistan’s foreign exchange reserves, The China Development Bank has deposited $700 million in Pakistan, Ishaq Dar, Pakistan’s finance minister, tweeted, describing the deposit as a “lifeline” for Pakistan.
The deposit comes at a time when Pakistan has been suffering with its external debt and barely has the funds to pay for imports for more than three weeks.
“AlhamdoLilah! Funds $700 million [were] received today by [the] State Bank of Pakistan from [the] China Development Bank,” Finance Minister Ishaq Dar tweeted regarding the financing from China.
Funds $ 700 million received today by State Bank of Pakistan from China Development Bank. https://t.co/7eLwWkSFgO
— Ishaq Dar (@MIshaqDar50) February 24, 2023