During an economic crisis, Pakistan Recieves $700 million from China.

 According to sources cited by ARY News, Pakistan got $700 million from China on Friday, significantly bolstering the SBP's foreign exchange reserves amid an "economic crisis."

Details indicate that Pakistan received $700 million from the China Development Bank (CDB) after the board approved the organization's credit.

Previously, on February 22, Finance Minister Ishaq Dar announced that Pakistan had been approved for a loan facility from the China Development Bank worth $700 million (CDB).

The State Bank of Pakistan is anticipated to receive this money this week, which will help to bolster its foreign exchange reserves, according to tweets from Finance Minister Ishaq Dar.

As of the previous day, the State Bank of Pakistan (SBP) possessed $3.258 billion in foreign exchange reserves, an increase of $66 million. The central bank did not, however, explain the increase in resources.

The SBP has increased its foreign exchange reserves by $66 million to $3,258.5 million as of February 17, covering imports for about three weeks.

Pakistan hoped to negotiate a deal with the IMF to unlock inflows from friendly nations and receive a $1.2 billion disbursement from the International Monetary Fund (IMF).

To release the crucial loan tranche, which will allow for further funding, the International Monetary Fund (IMF) demanded a significant interest rate increase.

The IMF requested strict monetary policy, which can also lead to an increase in interest rates, and Pakistan has been under constant pressure to adopt critical actions on time.

According to sources, the State Bank of Pakistan (SBP) sold T-bills worth 258 billion USD on February 22 at a 17 percent interest rate.