Posted on 03/03/2023 9:22:34 PM PST by Cronos
Pakistan is set to receive a $1.3 billion financing boost from the Industrial and Commercial Bank of China Ltd (ICBC) in the coming days, according to the country’s Finance Minister, Ishaq Dar. Speaking at a press conference in Islamabad on March 3, Dar confirmed that all formalities had been completed and that documentation for the process was now complete.
The fund will be used to help shore up Pakistan’s foreign exchange reserves as the country faces challenging economic conditions. Dar confirmed that it was possible that $500 million could be received by Monday or Tuesday of next week, with a further $500 million to be provided within the following 10 days.
Dar reported that the State Bank of Pakistan (SBP) had $3.82 billion in foreign exchange reserves, which, when added to the sums held by commercial banks, totaled almost $9.26 billion.
“There will be a further increase in this. I think China has given proof of great friendship," .
He said he was confident that the SBP reserves would have $10 billion and the national reserves around $16 billion by June 30. As per Dar, Pakistan’s requirement for the next three to four years is for $16 billion.
...He went on to defend the current government’s handling of the crisis, stating that its “principled decision" to prioritise the state’s interests over political interests was the “right decision". .
Dar also took the opportunity to discuss the economic indicators that Pakistan had faced in recent years, blaming “mismanagement and bad governance" for the current situation. He attributed catastrophic floods in 2022 as being a major cause of financial losses, with over $30 billion lost as a result. He also cited global inflationary pressure as a major reason for the country’s rising inflation levels.
(Excerpt) Read more at livemint.com ...
Pakistan is talking to the IMF about loans as well and has raised taxes and the prime lending rate in recent days to comply with the IMF’s demands.
Wonderful. They don’t need us anymore.
Pakistan is a cheap whore. India nuking it would be an improvement.
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