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Pakistan on way to receive another $500 million from China: Ishaq Dar

Pakistan on way to receive another $500 million from China: Ishaq Dar

ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar said that the country is set to receive another $500 million loan from China.

He said, “The documentation for the disbursement of $500 million by the Industrial and Commercial Bank of China (ICBC) is approved today. He said the ICBC has approved $1.3bn for Pakistan. 

In a message through Twitter, Dar said, “Out of Chinese ICBC’s approved rollover facility of US$1.3 billion (which was earlier repaid by Pakistan to ICBC in recent months), documentation for the release of US$500 million has been completed. He said that the Finance Ministry and the State Bank of Pakistan completed the documentation.”

Meanwhile, China will rollover $2 billion SAFE deposits for Pakistan in the ongoing fiscal year.

The economic team of Pakistan informed the International Monetary Fund that China will rollover $2 billion deposits in the State Administration of Foreign Exchange (SAFE) in Pakistan.

Pakistan shared this information with the IMF team during virtual talks on Monday.

“Pakistan requested China for granting rollover of $2 billion SAFE deposits, which is going to mature by end of this month,” an official said.

Meanwhile, during Monday’s virtual talks, Pakistani economic team shared the external financing plan. By end-June, the foreign exchange reserves of Pakistan will surge to $10 billion.

Dar reiterates govt’s commitment to complete IMF program
Finance Minister of Pakistan Ishaq Dar

During virtual meetings, the IMF sought a guarantee from Pakistan about the foreign financing for the ongoing fiscal year. IMF seeks foreign financing guarantee from Pakistan to sign a staff-level agreement.

Saudi Arabia, UAE, China, and some other countries have announced financial support for Pakistan.

Javed Mahmood
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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.


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