KARACHI: The State Bank of Pakistan (SBP) on Friday night announced that it has received $1 billion from China, without sharing any other details about the nature of this inflow.

Pakistan reportedly paid $1bn to China last Monday against a reportedly due amount of $1.3bn. Finance Minister Ishaq Dar was hopeful for the return of $1bn.

The dwindling foreign exchange reserves and IMF’s reservations about budgetary measures have created problems for the finance minister who recently claimed that the Fund wants to see Pakistan default like Sri Lanka.

Despite these serious reservations, Pakistan is still hopeful to receive the remaining $2.2bn out of the $7bn bailout programme, which expires on June 30.

Separately, Mr Dar informed a National Assembly Committee that $300m loan from China Development Bank, maturing on June 26 will be refinanced before June 30.

Pakistan is hopeful to roll over $4bn of bilateral Chinese loans while it is also willing to extend the tenure of the maturity of the bilateral loans.

Islamabad owes $3bn to Saudi Arabia and $2bn to UAE. Experts believe the total $9bn bilateral loans could be rolled over through better negotiations with these countries.

Published in Dawn, June 17th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...