China Development Bank has completed the transfer of funds, Ishaq Dar: Photo: File
Islamabad: Federal Finance Minister Ishaq Dar has said that China Development Bank has approved financing of 700 dollars for Pakistan.
Finance Minister Ishaq Dar said in a tweet that China Development Bank has completed all the usual procedures for disbursing $700 million to Pakistan. The money is expected to be received from China this week.
Ishaq Dar said that the State Bank is expected to receive $700 million this week, after which the foreign exchange reserves of the bank will increase.
read more: Pakistan signs $700 million commercial loan deal with China
The agreement between Pakistan and China Development Bank was finalized last week. The development comes days before the repayment date of another $300 million Chinese commercial loan.
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