ISLAMABAD: China has given Pakistan a credit line worth $1.6 billion tostave off a balance of payments crisis, two Pakistani central bank sourcessaid on Thursday, with cash earmarked for boosting fast-depleting foreigncurrency reserves.
Two State Bank of Pakistan (SBP) sources told Reuters the credit facilitythat accompanies a currency swap agreement between SBP and China’s centralbank has been hiked to 20 billion yuan ($3.13 billion) from 10 billion yuan.
“This arrangement has been finalised,” said one SBP source, who spoke oncondition of anonymity. A second source confirmed the agreement and thefigures.