PAKISTAN RECEIVES $500M FROM CHINESE BANK
ISLAMABAD: Ishaq Dar, the federal minister for finance and revenue, announced late Friday that Pakistan has received $500 million from the Industrial and Commercial Bank of China Ltd (ICBC).
After Islamabad nearly met all of the strict requirements for the resumption of the IMF loan programme, the friendly nation extended the payment.
The finance minister said on Twitter that the $1.3 billion facility that Pakistan recently returned has been cleared for rollover after the Chinese Industrial and Commercial Bank of China Ltd (ICBC) completed all necessary procedures.
Dar said in a tweet:
Dar had earlier stated in a press conference that Pakistan anticipated funding from ICBC.
The finance minister addressed the news conference and denied resignation and financial emergency rumours. The finance minister addressed the news conference and denied resignation and financial emergency rumours.
Ishaq Dar asserted that the PDM government has not allowed the country to fail and will not allow it to do so in the future, despite accusations made by the PTI that it is about to do so.
Despite accepting the majority of the IMF’s requirements, Islamabad is facing a delay in making progress on a staff-level agreement with Pakistan for the ninth review of a $6 billion loan facility. This agreement would open the door for the release of $1.17 billion, which is eagerly anticipated.
Sources with expertise on the matter indicate that the staff-level deal with the IMF is likely to be finalized in March. However, it comes as a relief as Pakistan receives $500m from Chinese bank.
