The Industrial and Commercial Bank of China (ICBC) has approved the third and final disbursement of funds amounting to $300 million under its $1.3 billion arrangement for Pakistan.
“Out of Chinese Bank’s #ICBC approved facility of $1.3 billion (which was earlier repaid by Pakistan), [the] State Bank of Pakistan would receive back [the] third and last disbursement today in its account amounting to $ 300 million. It will shore up [the] forex reserves of Pakistan,” Finance Minister Ishaq Dar said on Twitter.
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, Dar also announced that the United Arab Emirates has confirmed with the International Monetary Fund (IMF) for their bilateral support of $1 billion funds to Pakistan.
The ICBC and UAE developments come as Pakistan continues to try its best to unlock the next tranche of IMF funding. Besides the UAE and Chinese funds, Pakistan expects to generate external financing sources from Saudi Arabia, Qatar, and some prominent multilateral lending institutions.
