{"id":15432,"date":"2023-04-14T16:19:56","date_gmt":"2023-04-14T16:19:56","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=15432"},"modified":"2023-04-14T16:19:56","modified_gmt":"2023-04-14T16:19:56","slug":"chinese-bank-to-give-300-million-to-pakistan-today-ishaq-dar","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/chinese-bank-to-give-300-million-to-pakistan-today-ishaq-dar\/","title":{"rendered":"Chinese bank to give $300 million to Pakistan today: Ishaq Dar"},"content":{"rendered":"<p>Chinese bank to give $300 million to Pakistan today: Ishaq Dar. The Industrial and Commercial Bank of China (ICBC) is set to give Pakistan $300 million today in a move that will boost the country&#8217;s foreign exchange reserves, Finance and Revenue Minister Ishaq Dar said on Friday.<\/p>\n<p>He wrote on Twitter that ICBC had approved a loan facility of $1.3 billion for Pakistan, which had earlier been repaid. The Chinese bank has already returned part of the amount in two previous disbursements.<\/p>\n<p>&#8220;State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $300 million,&#8221; the finance czar wrote on his official Twitter handle. &#8220;It will shore up forex reserves of Pakistan.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Out of Chinese Bank\u2019s <a href=\"https:\/\/twitter.com\/hashtag\/ICBC?src=hash&amp;ref_src=twsrc%5Etfw\">#ICBC<\/a> 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.<br \/>It will shore up forex reserves of Pakistan. <br \/>AlhamdoLilah!<\/p>\n<p>&mdash; Ishaq Dar (@MIshaqDar50) <a href=\"https:\/\/twitter.com\/MIshaqDar50\/status\/1646768901668077568?ref_src=twsrc%5Etfw\">April 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The third critical disbursement from the ICBC will be released after Pakistan completes the necessary documentation.<\/p>\n<p>Last month, the Chinese lender approved a rollover of a $1.3 billion loan for Pakistan. Following the announcement, the Chinese bank deposited $500 million \u2014 the first disbursement \u2014 on March 4 and then the second tranche of an equivalent amount was released on March 17.<\/p>\n<p>The cash-strapped nation of 220 million people is going through one of its biggest economic crises ever as multiple delays in its loan program created a dollar shortage, and import restrictions and reduced foreign-exchange reserves to less than one month of imports.<\/p>\n<p>The nation\u2019s foreign exchange reserves stand at $4 billion while it needs to pay $2.2 billion in the quarter ending June. It expects to roll over a debt of $2.3 billion, according to State Bank of Pakistan Governor Jameel Ahmad.<\/p>\n<p>More external financing will be coming to Pakistan only after Islamabad signs a deal with the International Monetary Fund (IMF), which the minister said should be done by next week.<\/p>\n<p>The lender has been negotiating the deal with Pakistan since end-January to clear its ninth review, which if approved by its board will issue over $1 billion tranche of the $6.5 billion bailout agreed upon in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese bank to give $300 million to Pakistan today: Ishaq Dar. The Industrial and Commercial Bank of China (ICBC) is set to give Pakistan $300 million today in a move that will boost the country&#8217;s foreign exchange reserves, Finance and Revenue Minister Ishaq Dar said on Friday. He wrote on Twitter that ICBC had approved [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":15434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9],"tags":[470,443,8514,8520,5423,7217,138],"class_list":["post-15432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","tag-china","tag-dollar","tag-icbc","tag-industrial-and-commercial-bank-of-china","tag-ishaq-dar","tag-jameel-ahmad","tag-pakistan"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/15432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=15432"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/15432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/15434"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=15432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=15432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=15432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}