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Pakistan receives $2.1 billion from China

Pakistan receives $2.1 billion from China
March 25, 2019
ISLAMABAD (92 News) – Pakistan on Monday received 2.1 billion US dollar from China, which would ensure balance of payment stability. In a tweet, Finance Ministry’s Spokesman Dr Khaqan Najeeb confirmed that China deposited worth of RMB 15Bn equiv to $2.1Bn received in State Bank of Pakistan (SBP). “Deposit of RMB 15Bn equiv. to $2.1Bn received in #SBP A/C on Mar 25th 2019 from #China. Successful GoP multipronged strategy to ensure stability in #BOP including curtailing C/A, improving #remittances & ensuring adequate #FX financing. FX #reserves increase to comfortable level, the Finance Ministry’s spokesman tweeted. Earlier, in a tweet, Dr Khaqan Najeeb said that the funds would be deposited in the State Bank of Pakistan and it would also strengthen foreign exchange reserves position. Dr Khaqan also clarified that the discussions with international partners do not entail any target level of exchange rate. The spokesperson said that the focus was on further strengthening the exchange rate regime and keeping it consistent with the evolving macroeconomic fundamentals of the economy. He termed the news regarding fixing the exchange rate target as baseless and unfounded. The adviser and spokesman of Finance Ministry said that State Bank of Pakistan’s economic models points to the real effective exchange rate at equilibrium value. Adding stability in the balance of payment was ensured with a fall in current account deficit and more than adequate foreign financing availability, he added.