ISLAMABAD: Finance Ministry said on Wednesday that China has rolled over US$2 billion SAFE deposits and US$ 2.3 billion syndicate facility is being processed for roll over.

A statement issued by the Finance Ministry said that two facilities worth US$ 4.3 billion matured in the month of March, of which SAFE deposits worth US$ 2 billion have been rolled over and the roll-over of the syndicate facility of RMB 15,000 million (i.e. approximately US$ 2.3 billion) is being processed.

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Finance Ministry further stated that Governments of Pakistan and China have strong economic ties spanning over the last many decades. The on-going financing facilities include SAFE deposits, bilateral as well as commercial loans.

To buttress the efforts of economic stabilization government of Pakistan has been in communication with the Chinese authorities for the roll-over/refinancing of all on-going facilities upon their maturity. These facilities are being used for balance of payments and budgetary support.

Copyright Business Recorder, 2022