Tuesday, September 26, 2023
News

Pak expects $1.3 bn in financing from China's ICBC in coming days

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Islamabad | Saturday, 2023 2:15:10 AM IST
Pakistan's Finance Minister Ishaq Dar said on Friday that the country is expecting $1.3 billion in financing from the Industrial and Commercial Bank of China Ltd (ICBC) in the coming days to help shore up its foreign exchange reserves, media reports said.

Addressing a press conference on the country's prevailing economic situation here, Dar said he is holding the presser to clear the "ambiguity" amid the current scenario, Dawn reported.

"All our formalities with the ICBC are complete as of last night. We returned them $1.3 billion in the last few months... They are giving it back and have renewed this facility," Dar said, adding that it is possible that $500 million will come in the next few days -- by Monday or Tuesday -- and a further $500 million within 10 days, Dawn reported.

The minister said all the documentation work for the process has been completed.

On whether the country would default, Dar said: "We have never defaulted and we won't now. Yes, we were in a precarious situation and are going through it currently."

He said the current government had made a "principled decision" whether to save the state or its own politics around the time of last year's vote of no confidence against Imran Khan, Dawn reported.

Dar said the state's interest was prioritised over political interests at the time, adding that it was the "right decision".

He also criticised PTI chief Imran Khan, calling on him to reflect on his own past and his government's performance.

"They keep going on and on about default [but] their ministers called their provincial finance ministers that 'you don't allow the IMF matter to be resolved'," Dar added.

The Finance Minister also said that Khan's attitude is "selfish", adding that oppositions around the world worked together with the government on national issues, Dawn reported.

--IANS san/arm

( 321 Words)

2023-03-03-20:12:02 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE ASIA NEWS
People in Pakistan face power outages sp...
Pak Army chief included in body formed f...
Pak Army to oversee economic revival wit...
Iran repatriates nearly 14,000 Afghans i...
Pak to hand over Karachi port terminals ...
Pakistan's premium motor company shuts d...
More...
 
INDIA WORLD ASIA
Babbar Khalsa International trying to se...
Can't interfere in employment agreement ...
Rahul Gandhi arrives in poll-bound Chhat...
ED raids houses of former PFI Workers in...
'Participate in the Chandrayaan 3 Maha Q...
MP: Pregnant woman delivers baby on road...
More...    
 
 Top Stories
Interpol issues Red Corner Notice a... 
MP Assembly polls: BJP releases sec... 
Researchers discover genetic code o... 
Indian Embassy in Seoul organises e... 
No 'ministers versus officers' in C... 
Atishi writes to higher education d... 
"Can never have enough emotion for ... 
Netherlands unveil their official t...