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Pakistan receiving another $300 million from ICBC today: Ishaq Dar

Pakistan receiving another $300 million from ICBC today: Ishaq Dar

ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar said that Pakistan will receive another $300 million from the Industrial and Commercial Bank of China (ICBC). The amount will be handed over to the State Bank of Pakistan today (April 14).

Finance Minister Ishaq Dar stated this in his Twitter message on Friday.

He pointed out that with the disbursement of $300 million, the ICBC’s $1.3 billion credit disbursement for Pakistan will complete. Pakistan had already received $1 billion from the ICBC, he added.

Earlier, Pakistan returned $1.3 billion loans to the Industrial and Commercial Bank of China. The bank, on the request of Pakistan government, disbursed this amount to as new loans.

Finance Minister Ishaq Dar said that the United Arab Emirates (UAE) authorities have confirmed to the International Monetary Fund (IMF) about their $1 billion financial support to Pakistan.

Finance Minister disclosed this on Friday through his Twitter account. Dar said the development will lead to the signing of the staff-level agreement with the IMF, to be followed by the disbursement of the next tranche.

Dar said, “UAE authorities have confirmed to IMF for their bilateral support of $1 billion to Pakistan.”

Finance Minister further stated that the officials of the State Bank of Pakistan are now completing the process of documentation to receive the amount as deposit from UAE authorities.

Last week, Saudi Arabia confirmed in writing to the IMF about its commitment of providing $2 billion in additional deposits to Pakistan.

Financial support from Saudi Arabia and UAE is one of the upfront requirements of the IMF for signing the staff-level agreement before the release of the next tranche.

At present, the foreign exchange reserves of the State Bank of Pakistan are less than a month’s requirement for imports. Total national reserves, however, are slightly below $10 billion. 

Finance Minister was optimistic that the IMF and the government would soon sign the staff-level agreement to unlock $1.1 billion loans disbursement by the fund.

With the disbursement of IMF loan, Pakistan government will also be able to receive $10 billion loans and grants for flood-related relief and rehabilitation measures.

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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