ISLAMABAD: Pakistan has communicated to International Monetary Fund (IMF) that Islamabad has requested China to rollover $ 2 billion State Administration of Foreign Exchange (SAFE) deposits by year, report citing sources said. “We have already made request to Chinese side for granting rollover of $ 2 billion SAFE deposits, which is going to mature by end of ongoing month,” sources told.

According to report, Ministry of Finance and State Bank of Pakistan shared their external financing plan during Monday night’s virtual parleys with Fund. Pakistan has communicated to IMF that it plans on raising its dwindling foreign exchange reserves to $ 10 billion mark by end of June.

“Under planned schemes of things, revival of IMF programme will enable Islamabad to muster up required dollar funding from all possible avenues including multilateral, bilateral and commercial financing as well as getting rollover of upcoming China’s SAFE deposits to tune of $ 2 billion,” sources told. Total Chinese SAFE deposits stood at $ 4 billion and remaining maturity would become due in few months.

Another official told that Beijing had given verbal assurances of approving rollover of SAFE deposits of $ 2 billion. However, it was preferred that Beijing should announce it officially.

Published in The Daily National Courier, March, 08 2023

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