ISLAMABAD    -    Pakistan has received much needed $700 mil­lion from China that would build the coun­try's foreign exchange reserves and might im­prove the local curren­cy value against dollar.

"Funds $700 million have been received to­day by State Bank of Pa­kistan from China De­velopment Bank," said Finance Minister Ishaq Dar on Twitter on Fri­day. Pakistan is eyeing to get re-financing of Chinese loans up to $2 billion by the end of February or the first week of March 2023. Two more commercial loans in­cluding $500 million and $800 million are expected to be re-financed making total financing at $2 billion from the friendly country. The government is also ex­pecting to receive inflows from Saudi Arabia and Unit­ed Arab Emirates follow­ing the revival of loan pro­gramme of International Monetary Fund (IMF). The total liquid foreign reserves held by the country stood at $8,726.5 million as of 17-Feb-2023. The break-up of the foreign reserves posi­tion is as foreign reserves held by the State Bank of Pa­kistan are $3,258.5 million and net foreign reserves held by commercial bank are $5,468.0 million.