China to provide another USD 1.3 billion to cash-strapped Pakistan
- Ishaq Dar, Pakistan’s finance minister, announced that $500 million would likely be transferred to Pakistan over the next several days, possibly by Monday or Tuesday, and another $500 million over the following ten days.
- He said, “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!”
- For Pakistan’s struggling economy, China has once more proven to be a lifesaver.
- An extension of a $1.3 billion loan for Pakistan was accepted by Industrial and Commercial Bank of China Ltd. The diminishing foreign exchange reserves of Pakistan would be supported, according to Finance Minister Ishaq Dar.
- Dar tweeted that the facility will be paid out in three instalments, the first of which, worth $500 million, has already been received by the central bank of Pakistan.
- China has already loaned Pakistan $700 million to help increase its foreign exchange reserves.
- According to Dar, Pakistan recently paid the money back to the ICBC, according to Reuters report.
- The South Asian sector, which is struggling with its balance of payments, depends on this money.
- As per Reuters report, Pakistan’s Central Bank’s foreign exchange reserves were just about sufficient to pay for imports.
- Dar estimated that Pakistan will require $5 billion in outside funding to fill its funding gap for the current fiscal year, which ends in June.
- None the less, Pakistan won’t receive further outside funding until Islamabad finalises an agreement with the IMF, which should happen by next week.
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