Pakistan has received $500 million from the Industrial and Commercial Bank of China Ltd (ICBC), Federal Minister for Finance and Revenue Ishaq Dar confirmed late Friday, as part of the $1.3 billion facility approved by the Industrial and Commercial Bank of China (ICBC).
The friendly country extended the tranche after Islamabad fulfilled almost all the tough conditions for the revival of the IMF loan program.
Also Read: China Development Bank Approves 700 Million Dollars Loan for Pakistan
While Taking to Twitter, the finance minister announced that the Chinese Industrial and Commercial Bank of China Ltd (ICBC) has completed all formalities and approved the rollover of the $1.3 billion facility that Pakistan repaid in recent months.
“The facility will be disbursed in three installments. The first one of $500 million has been received by Pakistan’s central bank,” Ishaq Dar said in a tweet.
Finance Minister said “It will increase forex reserves”
Pakistan’s Foreign exchange reserves were at $3.8 billion as of 24th February, just enough for less than a month of imports. While the liquid foreign exchange reserves stand at around $9 billion which includes $5.5 billion in net reserves held by commercial banks.
Earlier Finance Minister had in a press conference, said Pakistan was expecting to finance from ICBC.
Addressing the presser, the finance minister refuted resignation and financial emergency rumors. He went on to say that the former prime minister Imran Khan’s government has ruined the economy.
Ishaq Dar said that despite PTI claims that the country is on the verge of default, the PDM government have neither let the country go default nor it will default in future.
