SBP to receive $300mn from China today

April 14, 2023 (MLN): The State Bank of Pakistan (SBP) will receive the third and last disbursement worth $300 million out of the approved facility of $1.3 billion from the Industrial and Commercial Bank of China (ICBC) today in its account, Federal Minister for Finance and Revenue Senator Ishaq Dar informed through his official Twitter. 

The upcoming inflow will shore up the forex reserves of Pakistan, he added. 

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!

— Ishaq Dar (@MIshaqDar50) April 14, 2023

Earlier today the United Arab Emirates (UAE) authorities confirmed to the International Monetary Fund (IMF) their bilateral support of $1bn to Pakistan.

The State Bank of Pakistan (SBP) is now engaged for needful documentation for taking the said deposit from UAE authorities, he said

To release the next tranche of loans to the crisis-hit country, the IMF has laid forth key demands, which include assurances from friendly nations.

The IMF requires friendly nations to fulfill their pledges to fund Pakistan before finalizing the $6.5bn bailout program which led to a delay in talks between Pakistan and the IMF to resume the program.

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