Dar seeks Chinese envoy’s help for rollover of $2bn SAFE deposits

Our Correspondent
Saturday, Oct 01, 2022

ISLAMABAD: Pakistan has sought the support of the Chinese ambassador for securing the rollover of State Administration of Foreign Exchange (SAFE) deposits of $2 billion due in March 2023.

Pakistan will have to secure a rollover of $2 billion in SAFE deposits to materialise financing requirements under the IMF programme for the current fiscal year. According to an official announcement made by the Ministry of Finance here on Friday, Nong Rong, Ambassador of the People’s Republic of China, called on Finance Minister Ishaq Dar here at the Finance Division. He apprised the ambassador of the damages caused by the unprecedented floods in Pakistan affecting the infrastructure, agriculture, lives and properties and cost to the economy at large.

He also appreciated the support extended by the Chinese leadership in refinancing of syndicate facility of RMB 15 billion ($2.24 billion) to Pakistan and further sought support of the ambassador in facilitating roll-over of SAFE China deposits of $2 billion in March 2023.