Pakistan expecting rollover of $2bn SAFE deposits from China

12:10 PM | 1 Oct, 2022
Pakistan expecting rollover of $2bn SAFE deposits from China
Source: Ministry of Finance (Twitter)

ISLAMABAD – Pakistan has sought rollover of SAFE China deposits of $2 billion as newly appointed Finance chief Ishaq Dar met ambassador of the People’s Republic of China Nong Rong at the Finance Division.

Ministry of Finance said ambassador of the People’s Republic of China called on Finance Minister Ishaq Dar where the latter sought Beijing's support for securing the rollover of SAFE deposits of $2 billion due in March 2023.

The new finance czar requested financial relief as the country’s economy is facing a balance of payments crisis, a widening current account deficit, rupee depreciation, and unprecedented inflation.

During the meeting, Dar commended support extended by Pakistan’s ‘all-weather friend’ in the refinancing of a syndicate facility of $ 2.24 billion.

He also apprised the envoy of the damages caused by the massive floods triggered by the monstrous monsoon.

Exchanging views on Pak-China flagship project CPEC, the finance minister said that the economic corridor will play an important role in taking Islamabad’s economy forward besides improving ties between the two sides.

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Ambassador Nong Rong also extended his felicitations to Ishaq Dar on assuming his new responsibilities and reaffirmed China’s continued support to Pakistan.

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