The Ministry of Finance has completed documentation for the second disbursement of $500 million from the Industrial and Commercial Bank of China (ICBC), Federal Minister for Finance Ishaq Dar.
“Records for the second payment of US$500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan,” he wrote in a Tweet, referring to the US$1.3 billion Chinese ICBC rollover facility that had been approved. Pakistan had previously paid this amount to ICBC in recent months.
Pakistan received $500 million earlier this month from the Industrial and Commercial Bank of China Ltd. (ICBC).
After Islamabad nearly met all of the strict requirements for the revival of the IMF loan programme, the friendly nation extended the payment.
IMF deal to be made public
The International Monetary Fund (IMF) staff-level agreement’s details will be made public, according to Finance Minister Ishaq Dar.
Addressing Thursday at the Senate Committee of the Whole, he stated that after the agreement was signed, it will be posted on the Finance Ministry’s website for public review and that nothing would be kept secret. The finance minister declared that he supported the nation’s budgetary restraint and transparency.
Responding to points raised earlier in the Committee, he said nobody in Pakistan could compromise the nuclear and missile assets of the country. He further said, “We are a sovereign nation and nobody in the world has the right to tell us what range of missiles we should have.”