Pakistan to Get $1.3 Billion Financing from Chinese Bank

Ishaq Dar, the finance minister, reaffirmed the nation’s commitment to avoid a default on Friday and attributed Imran Khan’s economic woes to him.

The minister provided a thorough comparison of several economic statistics under the rule of Pakistan Tehreek-e-Insaf (2018-2022) and Pakistan Mulsim League Nawaz at a news conference in Islamabad (2013-2018).

Although acknowledging Pakistan’s grave predicament, the minister claimed that the nation has never defaulted before and will not do so again.

ICBC Funding

He added that Pakistan is anticipated to get roughly $1.3 billion from China’s Industrial and Commercial Bank (ICBC). He emphasized that Pakistan had recently returned the funds to ICBC, and the bank has since agreed to roll the funds over.

According to Dar, Pakistan would get the first tranche of $500 million during the next few working days, followed by a second tranche of $500 million and the final $300 million within the next ten days. He clarified that Pakistan had paid back the loan in three consecutive tranches and in a staggered fashion.

The State Bank of Pakistan’s (SBP) reserves are expected to reach $9 billion by June 30, 2023, according to the finance minister.

IMF and SLA

The International Monetary Fund (IMF) prior actions have all been completed by the government, according to the finance minister, who also added that one new prior action was brought up during recent negotiations and received approval from the Economic Coordination Committee (ECC) of the cabinet in response to a question. The minister did not, however, provide a firm response to the query regarding the anticipated timing of the staff-level agreement with the IMF.

Exchange Rate Volatility

In response to a different query regarding the volatility of the exchange rate, the finance minister stated that the State Bank of Pakistan (SBP) is now legally responsible for managing monetary policy and the exchange rate. According to the minister, the government doesn’t take any action to keep the currency rate stable.

Dar said he is unsure of the reasons for the rapid depreciation of the rupee on Thursday and the rupee’s appreciation today.

The finance minister acknowledged that the administration is attempting to address the major problem of money smuggling to Afghanistan. He emphasized that consignments of dollars bound for Afghanistan had been seized by the central bank and Customs.

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