ISLAMABAD – Pakistan on Friday received another $300 million from all-weather friendly state of China amid delay in revival of the IMF loan programme.
Reports said the amount has been received as a commercial loan from China’s Industrial and Commercial Bank of China (ICBC).
Earlier in the day, Finance Minister Ishaq Dar announced that the State Bank of Pakistan would receive the third and last tranche of $300 million under $1.3 billion loan programme from the neighbouring country.
The finance minister said it will shore up forex reserves of Pakistan, which stood at $9.56 billion as of April 7, 2023
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
Pakistan has already received $1 billion from Chinese Bank last month. Pakistan sealed a $1.3 billion rollover from China at a crucial time when the South Asian country left with less than one month import cover.
The country of over 220million, which is a $350 billion economy, is facing a massive economic meltdown, with a balance of payment crisis and depleting forex reserves. The country is looking for external financing inflows from International Monetary Fund (IMF) and friendly nations.
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