Pakistan may get $1.3 billion in financing from Chinese bank

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ISLAMABAD – Finance Minister Ishaq Dar said on Friday Pakistan is expected to receive $1.3 billion in financing from the Industrial and Commercial Bank of China in the coming days to help improve its foreign exchange reserves.

Addressing a press conference, he hoped that by June 30 the State Bank of Pakistan’s (SBP) reserves will improve to $10 billion and national reserves to $16 billion.Dar the government has a roadmap and policies for taking the country out of the current economic problems. Regarding the progress of negotiations with the International Monetary Fund (IMF) for a bailout programme, Dar said all prior conditions demanded by the Fund have been fulfilled.

He categorically rejected the impression of a default and said “we have never defaulted and we won’t now despite going through a precarious situation”.He said the current government had made a principled decision to save the state at the cost of its political capital. He slammed the PTI chief, calling on him to reflect on his own past and government’s performance.The finance minister said Imran’s attitude was selfish, adding that oppositions around the world worked together with the government on national issues.

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