ISLAMABAD: The country’s foreign exchange reserves were increased after Pakistan received $300 million from China on Friday.
The State Bank of Pakistan (SBP) has received the third and last disbursement yesterday in its account amounting to $300 million from the Industrial and Commercial Bank of China (ICBC).
The Chinese bank has so far provided $1.3 billion loan to the central bank. Finance Minister Ishaq Dar said the latest transaction shored up forex reserves of Pakistan.
Earlier in the day, Finance Minister Ishaq Dar said in a Twitter message that the SBP would receive back third and last disbursement amounting to $300 million from ICBC Friday (yesterday).
He said the amount is out of Chinese Bank’s approved facility of 1.3 billion dollars, which was earlier repaid by Pakistan.
In another tweet, Dar said yesterday that the United Arab Emirates (UAE) has confirmed to the International Mone-tary Fund (IMF) that it will provide support of $1 billion to Pakistan.
“UAE authorities have confirmed to IMF for their bilateral support of US $1 billion to Pakistan,” Dar said in a tweet yes-terday.
Ishaq Dar added that the State Bank of Pakistan (SBP) was now “engaged for needful documentation for taking the said deposit from UAE authorities”.
The move will pave way for Pakistan to unlock the months-long delayed $1.1 billion IMF loan tranche to shore up the country’s struggling economy. –Agencies
