Pakistan is heading close to sign a deal with the International Monetary Fund as after the United Arab Emirates’ financial assurance to Pakistan, a Chinese bank, ICBC, will also disburse an amount of $300 million to the State Bank of Pakistan today, reported 24NewsHD TV channel.
Amid the economic gloom, the happy news was shared by Finance Minister Ishaq Dar on his Twitter handle on Friday. 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!”
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.
— Ishaq Dar (@MIshaqDar50) April 14, 2023
It will shore up forex reserves of Pakistan.
AlhamdoLilah!
According to reports, Finance Minister Dar made a special request to the UAE authorities for timely support to unlock the IMF deal.
Cash-strapped Pakistan is in dire need of funding to avoid default risk as country’s foreign exchange reserves are drying up swiftly.
Also Read: Pakistani rupee hammers US dollar on IMF hope
Earlier today, Dar in another tweet informed: “UAE authorities have confirmed to IMF for their bilateral support of $1 billion to Pakistan.
“The State Bank of Pakistan (SBP) is now engaged for needful documentation for taking the said deposit from UAE authorities.”
Also Read: Pakistan has yet to reach bankruptcy and better not, says IMF chief
It bears mentioning here that the IMF requires country’s friendly nations to fulfill their pledges to fund Pakistan before finalizing the $6.5 billion bailout programme which led to a delay in talks between Pakistan and the IMF to resume the programme.