ISLAMABAD: Pakistan is set to receive $300 million today (Friday) from the Industrial and Commercial Bank of China Ltd (ICBC), Finance Minister Ishaq Dar has confirmed.
Pakistan has already received $1 billion from the institution.
“Out of Chinese Bank’s ICBC approved facility of $1.3 billion (which was earlier repaid by Pakistan). State Bank of Pakistan (SBP) would receive back third and last disbursement today in its account amounting to $300 million,” said Dar on Twiter.
This will “shore up forex reserves of Pakistan,” he added.
The ICBC handed Pakistan the first $500 million of the $1.3 billion on March 4, and two weeks later, on March 18, Pakistan received the second $500 million disbursement.
Out of Chinese Bank’s #ICBC approved facility of $1.3 billion (which was earlier repaid by Pakistan), State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $ 300 million.
It will shore up forex reserves of Pakistan.
AlhamdoLilah!— Ishaq Dar (@MIshaqDar50) April 14, 2023
The most recent development was revealed on the same day that Dar stated the UAE had informed the International Monetary Fund (IMF) that it would be lending Pakistan $1 billion in help.
The UAE’s promise was one of the conditions the IMF claimed it needed in order to proceed with a bailout package that had been postponed for months in order to support the country’s faltering economy.
