Ishaq Dar: China Development Bank approves $700M loan for Pakistan.
Finance Minister Ishaq Dar tweeted, “$700 Million Loan is expected to be received this week by State Bank of Pakistan, which will shore up its foreign exchange reserves.”
Pakistan sought to achieve a deal with the International Monetary Fund (IMF) that would not only result in the payment of $1.2 billion but also open the door for inflows from allies.
When the lender reacted to the draught of the Memorandum of Economic and Financial Policy (MEFP), the International Monetary Fund (IMF) and Pakistan moved closer to the renewal of the $7 billion Extended Fund Facility (EFF).
The proposed Memorandum of Economic and Financial Policy (MEFP) that Ministry of Finance and Revenue officials sent has received a response from the international lender.
The staff-level agreement between the fund and the government is anticipated to be finalized next week, according to sources.