China is once again giving a loan of $1.3 billion to Pakistan which is on the verge of bankruptcy. Pakistan's Finance Minister Ishaq Dar gave this information on Friday. Dar said- the Industrial and Commercial Bank of China (ICBC) has approved this loan, which will help Pakistan to increase its dwindling foreign exchange reserves again. This money will be given in 3 installments. Out of this, the first tranche of 0.5 billion dollars has arrived in the Central Bank of Pakistan.
Dar said - We have never been poor and will never be. We returned $1.3 billion to China to repay its debt. China is giving this money back to us considering our economic condition. Foreign exchange reserves are left in the Central Bank of Pakistan only for 3 weeks of imports. Even before this, China has given us a loan of $ 0.7 billion to increase foreign exchange reserves.
Pakistan needs $5 billion
Dar pointed out that Pakistan needs foreign funding of $5 billion in the fiscal year ending in June to close its fiscal gap. He will be able to get more funding only after the deal is signed with the IMF. According to Dar, the deal is expected to be signed by next week.
The bailout package was signed with IMF in 2019
Pakistan has been discussing the loan with the IMF since the beginning of last month. If the deal is signed between the two, the IMF will release a tranche of about $1 billion for Pakistan under the $6.5 billion bailout fixed in 2019. In fact, in 2019, during Imran Khan's government, the IMF promised to provide more than $ 6 billion to Pakistan under the bailout package. Now, under this promise, Pakistan is seeking another tranche of $1.1 billion from the IMF.
Inconclusive talks with IMF
On 31 January 2023, an IMF team led by Nathan Porter reached Pakistan. The meeting of this team was held in two phases with Finance Minister Ishaq Dar. During this, Pakistan demanded a loan from the IMF under the bailout package. However, this meeting which lasted for 10 days was inconclusive.
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