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Pakistan receives $500 million from China’s ICBC

The Chinese bank transferred this amount to Pakistan a few hours after finance minister Ishaq Dar claimed that the ICBC would provide $1.3 billion to Pakistan.

Pakistan receives $500 million from China’s ICBC

ISLAMABAD: Pakistan received a $500 million loan from the Industrial and Commercial Bank of China.

The ICBC transferred this amount into the State Bank of Pakistan account of the government on Friday night.

The ICBC approved a $1.3 billion loan for Pakistan. The Chinese bank will hand over this amount to Pakistan in three installments this month.

The Chinese bank transferred this amount to Pakistan a few hours after finance minister Ishaq Dar claimed that the ICBC would provide $1.3 billion to Pakistan.

Earlier, the finance minister said that the ICBC will release the amount in the next few days. It will boost the foreign exchange reserves of Pakistan.

Finance Minister disclosed that in a press conference on Friday afternoon. Dar said he was sharing details with the media to clear “ambiguity” amid the current scenario.

Dar said, “All formalities with the ICBC are complete. We returned them $1.3 billion in the last few months and they are giving it back to us.”

Finance Minister said that Pakistan will receive $500 million from the ICBC by Tuesday. And the Chinese bank will release another $500 million in the next 10 days.

Meanwhile, Finance Minister Senator Muhammad Ishaq Dar ruled out the imposition of a financial emergency in the country.

Addressing a press conference in Islamabad today, Dar said that PTI leaders were deliberately spreading rumors to achieve their nefarious motives.

Dar says Government allocates Rs 118.4 billion for road safety
Ishaq Dar, the Finance Minister of Pakistan, at the closing ceremony of IPC on road safety.

Finance Minister also dispelled rumors about default and once again said that Pakistan will not default.

Dar blamed the PTI government for throwing the country on the brink of default. He claimed that the coalition government saved the country from default. 

Dar said, “My press conference today would be a reality check for Imran Khan.” Finance Minister angrily said that the PTI leaders were calling him out since the rupee value fell to a historic low of 285 on Thursday while February’s inflation hit nearly a 50-year high of 31.5%. 

On Thursday, former prime minister Imran Khan took to Twitter to censure the PDM-led government for slaughtering the rupee. Khan blamed former army chief General (retd) Qamar Javed Bajwa for a regime change conspiracy.

“Rupee slaughtered — lost over 62% or 110/$ in 11 months of PDM. This has increased public debt alone Rs 14.3 [trillion and] historic 75 [year] high inflation 31.5%,” Khan tweeted.

Javed Mahmood
Written By

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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