Pakistan is expected to receive $3 billion deposits from China and International Islamic and Trade Finance Corporation (IITFC) as discussions with the two entities are currently underway, a private channel reported on Monday. Sources said Pakistan would likely get $1 billion from the International Islamic and Trade Finance Corporation. It is learnt that the amount would be used to streamline balance of payments while, $2 billion from China, could be used for stabilizing foreign reserves. China had also deposited $2 billion to Pakistan a few weeks ago. Sources said the talks with China for obtaining $2 billion were in the final phase, and expected to end by the end of March. The State Bank of Pakistan (SBP) last week signed an agreement with Abu Dhabi Fund for Development (ADFD) for the placement of the second tranche of US$2 billion. It may be recalled that the first tranche of US$ 1.0 billion has already been received by SBP in January 2019. On January 22, Pakistan and the UAE had reached an agreement on $3bn support Package in Abu Dhabi.
Published in Daily Times, March 19th 2019.
