The State Bank of Pakistan officially received $300 million from Industrial and Commercial Bank of China to unlock the bailout package by International Monetary Fund (IMF). This will shore up forex reserves of Pakistan.
Finance Minister Ishaq Dar announced on Twitter that, “State Bank of Pakistan would receive back third and last amounting to $300 million from Industrial and Commercial Bank of China”.
Read more | Pakistan to lock IMF deal soon
This move will help Pakistan to unlock the months-long delayed bailout package by IMF. It will help pakistan to shore up the current struggling economy.
$1bn & $2bn from UAE & Saudi Arabia
Pakistan got Financial commitment of $1 billion from United Arab Emirates. A written agreement of this financial commitment is also expected in this week. The Finance and Revenue Minister of Pakistan Ishaq Dar requested UAE officials to make the deal this week.
The financial aid commitment from brotherly country UAE will ease the way for unlocking $1.3 billion bailout package from International Monetary Fund (IMF). IMF was waiting for Pakistan to get financial assurance from friendly countries to get the loan.
Pakistan also received $2 billion from Saudi Arabia and moved one step closer to the revival of bailout package from International Monetary Fund (IMF).
The loan deal with IMF is yet to be finalized despite the impose of additional taxes and increased energy prices, the Nation already missed multiple chances to lock the deal with IMF due to lack of meeting deadlines.