Pakistan received $500MN from Chinese bank. Federal Minister for Finance and Revenue Ishaq Dar confirmed that Pakistan has received $500 million from the Industrial and Commercial Bank of China Ltd (ICBC).
The friendly country has prolonged the tranche. Later Islamabad fulfilled almost all the tough conditions for the revival of the IMF loan program.
Taking to Twitter, the finance minister announced that the Chinese Industrial and Commercial Bank of China Ltd (ICBC) has completed all rules and approved the rollover of $1.3 billion facility that Pakistan repaid in current months.
“The facility disbursed in three installments. The first one of $500 million received by Pakistan’s central bank,” Dar said in a tweet.
“It will increase forex reserves,” he said.
Formalities completed & Chinese Bank, ICBC approved rollover of US$1.3 billion facility which has been repaid by Pakistan to ICBC in recent months. Facility will be disbursed in 3 instalments, first one of US$500 million has been received by SBP. It will increase forex reserves!
— Ishaq Dar (@MIshaqDar50) March 3, 2023
Previously, Dar had in a press conference, said Pakistan was expecting financing from ICBC.
Talking the presser, the finance minister disproved resignation and financial emergency rumors. He went on to say that the Imran Khan’s government has ruined the economy.
Ishaq Dar said that although PTI claims that the country is on the edge of default. The PDM government have neither let the country go default nor it will default in future.
It is relevant to mention here that a staff-level agreement with Pakistan on the ninth review for a $6 billion loan facility. That paves the way for the release of the much-awaited $1.17bn is facing postponement. Despite Islamabad accepting the majority of IMF’s conditions.
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Pakistan received $500MN from Chinese bank. Sources privy to the development said the staff-level agreement with the IMF now expected to signed in the month of March.