Dar says documentation for ICBC-backed $500m disbursement complete
Business
Earlier this month, Pakistan’s central bank had received $500m from Chinese bank
ISLAMABAD - Finance Minister Ishaq Dar on Thursday announced that the Ministry of Finance (MoF) has completed documentation for the second disbursement of $500 million from the Industrial and Commercial Bank of China (ICBC).
Taking to Twitter, Dar said: “Out of Chinese ICBC’s approved rollover facility of $1.3 billion (which was earlier repaid by Pakistan to ICBC in recent months), documentation for second disbursement of $500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan (SBP)!."
Out of #Chinese ICBC’s approved rollover facility of US$1.3 billion (which was earlier repaid by Pakistan to ICBC in recent months), documentation for second disbursement of US$500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan!
— Ishaq Dar (@MIshaqDar50) March 16, 2023
The State Bank of Pakistan (SBP) received $500 million from China’s ICBC last month, the first of three disbursements that were approved for rollover.
Sharing the development, the minister said the formalities were complete and ICBC had approved the rollover of a combined $1.3 billion facility that had been repaid by Pakistan in recent months.
-- IMF deal details to be made public once signed --
Finance Minister Ishaq Dar has assured that details of the staff-level agreement with the International Monetary Fund (IMF) will be made public.
Speaking at the Senate Committee of the Whole on Thursday, he said once the agreement was signed, it would be put on the website of the Finance Ministry for review of the general public and nothing would be concealed. The finance minister said he believed in transparency and fiscal discipline in the country.
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."
Leader of the House in Senate/Finance Minister, Senator Mohammad Ishaq Dar expressed his views in the Special Session of Senate on Golden Jubilee Celebration of Senate of Pakistan-2023,today. pic.twitter.com/1taEUVh7ln
— Ministry of Finance (@FinMinistryPak) March 15, 2023
Earlier, speaking on the floor of the Senate, PPP leader Raza Rabbani said parliament must exert its authority to prevent other forces from indulging in the affairs of the legislature. He said parliament should not bow before the dictates from any quarters.
Jamaat-e-Islami leader Mushtaq Ahmed Khan said parliament should become the centre of aspirations of the people of Pakistan to strengthen true democracy in the country.
EU Ambassador Dr Riina Kionka said elected bodies ensure people's power, governance and rule of law. She said democracy was the core value of the European Union. She also congratulated the Senate of Pakistan on its Golden Jubilee.
The High Commissioner of South Africa said the late Nelson Mandella had decided to visit Pakistan twice. He said his country acknowledges Pakistan's contribution to the cause of peace. He called for more engagements between Pakistan and African countries. He appreciated Pakistan's "Look Africa Policy".
