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Dar, US ambassador discuss bilateral ties as CDB okays $700m for Pakistan

ISLAMABAD: Finance Minister Ishaq Dar held a meeting with the Ambassador of the United States to Pakistan, Donald Blome.

The objective of the meeting was to discuss the economic, investment, and trade relations between the two nations.

The US ambassador and Dar also discussed opportunities to enhance economic relations and strengthen the ties between the two countries.

Pakistan’s Finance minister informed Donald Blome about Pakistan’s national and international financial responsibilities, during the meeting. Additionally, he apprised him of the government’s policies in the challenging economic circumstances.

Pakistan’s Finance Minister has announced that the China Development Bank (CDB) has approved a $700 million credit facility for the country, following the completion of all preconditions set by the International Monetary Fund (IMF) for the revival of a $7 billion bailout program.

The announcement was made on Wednesday, with hopes that other multilateral lenders and friendly countries will also provide financial support to Pakistan.

According to Mr. Dar, the anticipated funds to be acquired this week will bolster the foreign exchange reserves of the State Bank of Pakistan (SBP).

The current reserves stand at a mere $3 billion, which is insufficient to sustain the country’s controlled imports for three weeks.

CDB approves $700m financing for Pakistan, says Dar

Pakistan must increase its foreign exchange reserves to at least $10 billion. In order to cover two months of import expenses, forex reserves must be increased.

CDB approves $700m financing for Pakistan

The country anticipates receiving funds from China, Saudi Arabia, and the UAE shortly after finalizing a staff-level agreement.

The agreement between Pakistan and the IMF is scheduled to be signed on February 28. The IMF executive board is expected to meet during the first week of March.

The PM Secretariat has fulfilled the final requirement set by the International Monetary Fund (IMF). The President’s Secretariat received the Finance (Supplementary) Bill 2023 for approval on Wednesday evening.

The bill arrived two days late, even though National Assembly passed the bill on February 20th.

As per the constitution, the finance bill has been classified as a money bill and therefore, under Article 75 (1).

The president does not possess the authority to refuse or raise objections to it.

The article states “When a Bill is presented to the President for assent, the President shall, within [ten] days,–(a) assent to the Bill; or (b) in the case of a Bill other than a Money Bill, return the Bill to the Majlis-e-Shoora (Parliament) with a message requesting that the Bill or any specified provision thereof, be reconsidered and that any amendment specified in the message be considered”.

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Sara Tayyab
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