CDB approves $700 mln for Pakistan: Ishaq Dar

• He said SBP was expected to receive amount in a week.
• He said this will shore up country’s forex reserves.
• Finance Minister said all formalities completed.

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said here on Wednesday that the Board of China Development Bank (CDB) has approved a US $700 million facility for Pakistan.

In his tweeter message, Ishaq Dar said that the State Bank of Pakistan (SBP) was expected to receive this amount in the ongoing week which shore up the country’s forex reserve.

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“Formalities completed and the Board of China Development Bank has approved the facility of US $ 700 million for Pakistan. This amount is expected to be received this week by State Bank of Pakistan which will shore up its forex reserves,” he tweeted.