Islamabad March 4 2023: Chinese Bank, ICBC approved rollover of USD 1.3 billion to Pakistan according to finance minister.
“Formalities completed and Chinese Bank, ICBC approved rollover of USD 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 USD 500 million has been received by SBP. It will increase forex reserves” says finance minister Ishaq Dar.
“We are hopeful that country’s total foreign exchange reserves will be above USD 16 billion and central bank reserves will be more than USD 10 billion by June this year” he said while speaking earlier to media at Islamabad.
He said we have fulfilled all prior conditions for reaching agreement with IMF. The last condition which is recently been placed by IMF of electricity surcharge for the next year will be approved by the federal cabinet in next two to three days.
Pakistan will make all its debt payment on time and will not default.
