Chinese bank approves $1.3 billion loan for Pakistan, claims finance minister
Federal Minister and Senator Ishaq Dar has said we have a policy, a plan and a road map
Federal Finance Minister Ishaq Dar has claimed that Chinese bank ICBC has approved the rollover of US$ 1.3 billion loan after completing the necessary formalities.
Senator Ishaq Dar’s statement came just a day after a Bloomberg report said Pakistan was headed for a possible default, as the troubled country had to repay billions of dollars in debt by June. He is struggling to make ends meet.
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Sharing a message on social networking site Twitter late last night, Senator Ishaq Dar wrote that “Chinese bank ICBC has approved the rollover of US$ 1.3 billion loan facility which was disbursed to Pakistan in recent months. has done to ICBC.
Formalities completed & Chinese Bank, ICBC approved rollover of US$1.3 billion facility which has been repaid by Pakistan to ICBC in recent months. Facility will be disbursed in 3 instalments, first one of US$500 million has been received by SBP. It will increase forex reserves!
— Ishaq Dar (@MIshaqDar50) March 3, 2023
The Federal Finance Minister further wrote that “this facility will be provided in 3 installments, the first installment of US$ 500 million has been received by the State Bank of Pakistan and will result in an increase in foreign exchange reserves.”
Ishaq Dar has also announced that two installments of outstanding $800 million will be received soon, which will increase Pakistan’s foreign exchange reserves.
