SBP- held reserves increase after loan.

 SBP-held reserves increase after loan from Chinese bank.

The state bank of Pakistan (SBP) - held forex reserves moved above $4 billion after the liquidity-challenged country received $500 million in loan from a Chinese bank.

In a statement,the Central bank said that it's foreign exchange reserves have increased by $487 million to $4301 million as of the week ended March 3,which will provide an import cover of around a month.

Pakistan hasn't received funds from any friendly country except for china as the $350 billion economy struggles to revive the stalled international Monetary fund (IMF) programme.

.

.

.

.

.

.

The nation needs to repay about $3 billion dues in the upcoming payments while $4 billion is expected to be rolled over, SBP Governor Jameel Ahmad said in an analyst briefing after the announcement of the monetary policy rate--which has been jacked by to a 27-year high of 29%.

In his address to an event earlier on Thursday, Finance Minister Ishaq Dar said that the IMF was "satisfied" with Pakistan's actions, but the staff-level agreement could not be signed this week .

Due to a shortage of dollars, the government has also imposed restrictions on imports-resulting in the partial closure of not only textile but automobile manufacturers as well, prompting unemployment fear.

.

.

.

.

.

.

........................SBP -held reserves increase after loan from Chinese bank.....................