Pakistan on Friday received $500 million — the second disbursement of the $1.3 billion facility — from the Industrial and Commercial Bank of China (ICBC).
Federal Minister for Finance and Revenue Senator Ishaq Dar announced the development on his Twitter handle. He wrote: “State Bank of Pakistan has received today in its account from Chinese Bank ICBC $500 million. It will shore up the forex reserves of Pakistan. AlhamdoLilah!”
The second critical disbursement from the Chinese bank came after Pakistan completed the necessary documentation.
State Bank of Pakistan has received today in its account from Chinese Bank ICBC US $ 500 million. It will shore up forex reserves of Pakistan.
AlhamdoLilah! https://t.co/dIHmfBLlvD
— Ishaq Dar (@MIshaqDar50) March 17, 2023
It is pertinent to note that revival of the IMF loan program for Pakistan took a new turn, as the international lender has put forward a new condition before signing a staff-level agreement.
After allegedly fulfilling all prior conditions to unlock the next tranche of a billion dollars, Pakistan is faced with another obstacle.
Finance Ministry officials said the written assurance must be provided by the executive directors of the respective friendly countries at the International Monetary Fund.
The Finance Ministry along with the Prime Minister Office has become active in obtaining the written assurance from the friendly countries.
