ISLAMABAD: Finance Minister Ishaq Dar on Friday said that the State Bank of Pakistan would receive back third and last disbursement today in its account amounting to 300 million dollars from Industrial and Commercial Bank of China.
Taking to Twitter, Ishaq Dar said the amount is out of Chinese Bank’s approved facility of 1.3 billion dollars, which was earlier repaid by Pakistan.
The Finance Minister said it would shore up forex reserves of Pakistan.
He wrote, “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!,”.
Earlier in the day, the minister tweeted that the United Arab Emirates confirmed its bilateral support of $1 billion to Pakistan to the International Monetary Fund.
The minister said that the State Bank of Pakistan is now in the process of completing the necessary documentation to receive the deposit from the UAE authorities.
Minister Dar made the announcement on Twitter and also expressed gratitude to Allah for the confirmation of the UAE’s support.
Pakistan and the IMF had been in talks for the release of $1.1 billion from a $6.5 billion bailout package agreed upon in 2019. However, the IMF had requested a written guarantee from friendly countries to unlock the stalled loan program. Minister Dar had requested the UAE authorities provide a written assurance to meet the IMF’s demand. Last week, Saudi Arabia informed the IMF that it would provide $2 billion to Pakistan, which was also confirmed by the IMF.
