Pakistan to receive US$2.1 billion from China on Monday

10:01 AM | 24 Mar, 2019
Pakistan to receive US$2.1 billion from China on Monday
ISLAMABAD - Pakistan will receive 2.1 billion US dollar from China by Monday, which would further strengthen the country's balance of payment situation, the Radio Pakistan reported.

In a tweet, Adviser and Spokesman for Ministry of Finance, 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, however, clarified that the discussions with international partners do not entail any target level of exchange rate.

He said that 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 spokesman 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.