Islamabad, Pakistan – The Export-Import (Exim) Bank of China has taken a significant step to support Pakistan’s economy by refinancing more than $600 million to the State Bank of Pakistan. This move aims to bolster the country’s dwindling reserves held by the central bank, providing a much-needed boost to its financial stability.
Prime Minister Shehbaz Sharif made the announcement during an event held in Islamabad, where he highlighted the importance of this refinancing deal. The Exim Bank of China has rolled over the matured debt, demonstrating their commitment to Pakistan’s economic growth.
Alongside this refinancing, Pakistan has also received substantial disbursements from other international sources. These include $1.2 billion from the International Monetary Fund, $1 billion from the United Arab Emirates, and $2 billion from the Kingdom of Saudi Arabia. Cumulatively, these financial injections are expected to raise the SBP foreign exchange reserves to over $9 billion.
The positive impact of this influx of funds is anticipated to be reflected in the upcoming central bank market update, which will provide a clearer picture of the strengthened forex level. This development is a step forward in enhancing Pakistan’s economic stability and maintaining its financial standing in the global market.
