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Pakistan to repay $500 mn loan to China: Minister
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IANS | 18 Jan, 2017
Pakistani Finance Minister
Senator Mohammad Ishaq Dar has directed the State Bank of Pakistan to
repay a loan of $500 million to the Chinese State Administration of
Foreign Exchange (SAFE), upon its maturity on January 23, the Finance
Ministry said.
"The loan in the form of a deposit was taken in
January 2009, due to the weak current account situation at that time and
placed with the State Bank of Pakistan. Since then the deposit was
rolled over annually, with the latest maturity date set at 23rd January,
2017," Xinhua news agency cited a statement by the ministry on Tuesday.
"Instead
of yet another roll over for a year, it has been decided to repay the
loan, in view of the strong macroeconomic performance and stable foreign
exchange reserves position of the country," it said.
The Finance
Minister has already obtained approval of the Prime Minister for the
repayment of the said loan and has directed the State Bank of Pakistan
to make payment of 500 million US dollars to SAFE China on January 23.
Prime
Minister Nawaz Sharif has formally expressed his deep appreciation to
his Chinese counterpart and Government of China for the critical support
provided through the SAFE deposit for stabilizing the current account
since 2009, the statement said.
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