Islamabad, (Asian independent) In a bid to materialise financing requirements under the IMF programme, Pakistan Finance Minister Ishaq Dar has sought the support of the Chinese Ambassador Nong Rong for securing the rollover of State Administration of Foreign Exchange (SAFE) deposits of $2 billion due in March 2023, state media reported.
As per the IMF’s condition, Pakistan will have to secure a rollover of $2 billion in SAFE deposits for the current fiscal year, Geo News reported.
The development came after US Secretary of State Antony Blinken called on Pakistan to seek debt relief from its close partner China in view of the countrywide cataclysmic floods.
Blinken made the remarks after talks in Washington with Pakistan’s Foreign Minister Bilawal Bhutto Zardari on September 16.
According to an official statement issued by the Pakistan Finance Ministry, Chinese Ambassador called on Pakistan’s Finance Minister at the Finance Division, The News reported.
Ishaq Dar apprised the Ambassador of the damages caused by the unprecedented floods in Pakistan affecting the infrastructure, agriculture, lives and properties and cost to the economy at large.
He also appreciated the support extended by the Chinese leadership in the refinancing of the syndicate facility of RMB 15 billion ($2.24 billion) to Pakistan and further sought the support of the Ambassador in facilitating the rollover of SAFE China deposits of $2 billion in March 2023, The News reported.
In line with the dominant trend over the last several weeks, the country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) once again declined by 4.07 per cent.
On September 23, the foreign currency reserves held by the SBP were recorded at $8,005.9 million, down $341 million compared with $8,346.4 on September 16, data released by SBP showed on Thursday.
