Pakistan receives another $500m from ICBC: Ishaq Dar

Latest Mar, 18 2023
Pakistan receives another $500m from ICBC: Ishaq Dar
  • 116
  • 0

Islamabad: Finance Minister Ishaq Dar announced that cash-strapped Pakistan had received $ 500 million from Industrial and Commercial Bank of China Ltd (ICBC). Taking to Twitter, Dar said State Bank of Pakistan received money in its account, saying that it would help to shore up foreign exchange reserves.

On March 4, ICBC had approved  rollover of $ 1.3 billion loan for Pakistan. At time, Dar said facility would be disbursed in three instalments, with first instalment of $ 500m received by central bank. Pakistan is in race against time to implement measures to reach an agreement with International Monetary Fund (IMF). Agreement with IMF on completion of the ninth review of $ 7 billion loan programme which has been delayed since late last year over policy framework would not only lead to disbursement of $ 1.2 billion but also unlock inflows from friendly countries. As last step, international lender has required Pakistan to guarantee that its balance of payments deficit is fully financed for remaining period of an IMF programme.

Meanwhile, foreign exchange holdings of both central bank and commercial banks improved during week which ended on March 10 reflecting higher inflows of remittances and export proceeds.

Published in The Daily National Courier, March, 18 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.

Our Correspondent
Our Correspondent
Daily National Courier is a leading morning English newspaper of twelve pages covering all international and national political developments on 24/7 basis.

NC Big Stories

Israel’s barbarism unstoppable, Palestinians in ‘dire straits’

GAZA: Israeli forces stormed the main city in the southern Gaza Strip yesterday and hospitals struggled to cope with scores of Palestinian dead and wounded. In what appeared t...

JUI-F chief Fazl questions feasibility of holding elections

ISLAMABAD: With national elections looming just two months away, Maulana Fazlur Rehman, the chief of Jamiat Ulema-e-Islam-Fazl (JUI-F), expressed apprehensions yesterday about...

Nepra nods over Rs3 per unit hike in power tariff

ISLAMABAD: The National Electric Power Regulatory Authority yesterday approved a Rs3.07 per unit increase in electricity prices, applicable to all power distribution companies...

Hannah Husain becomes first Pakistani to debut at Le Bal des Débutantes

Being held in Paris, Le Bal des Débutantes  also known simply as ‘le Bal’ is a debutante ball and fashion event held annually in November in France&rsq...

More like this

ECC bans export of sugar

Islamabad: Economic Coordination Committee (ECC) of Cabinet has imposed ban on export of sugar. According to Ministry of Finance officials, this decision aims to curb escalati...

PPP CEC decides to advocate general elections in 90 days

KARACHI: Pakistan Peoples’ Party Central Executive Committee decided to advocate organisation of general elections in 90 days.Bilawal Bhutto Zardari chaired session of P...

PTI reiterates call for election within 90 days

ISLAMABAD: Pakistan Tehreek-e-Insaf has urged electoral watchdog to drop process and conduct polls with 90 days. Both parties made their position clear when ECP officials met...

Bilawal, UN Secy Gen discuss revival of Black Sea Grain Initiative

ISLAMABAD: Foreign Minister Bilawal Bhutto Zardari held telephone conversation with United Nations Secretary General Antonio Guterres and shared Pakistan’s perspective o...
Need Help? Chat with us