Finance Minister of Pakistan Ishaq Dar said Pakistan would get $1.3 Million from China to level up the Forex Reserve Fund after receiving the help of 700 million from Beijing. He said in the press conference Industrial and Commercial Bank of China would release the funding in some days. We cleared the formalities with the ICBC last night and returned $1.3 Million to China a few months back. So now they will give us back and renew the facility.
Minister said PK would receive 500 Million this Monday or Tuesday and another 500 Million within ten days. PK received $700 Million from china to support the economy before closing the deal with the IMF. He encourages Pakistan’s Prime Minister to be grateful to China, A Special Friend of PK. Minister Assured the citizens of PK would refrain from doing anything default.
He said we have around 9.26 billion of Forex reserve fund in PK, which will be increased in the future; friendship with china is proof of this. He also shared Pakistan suffered a loss of around $30 Billion due to the floods, and we would need $16 Billion for about 3-4 years to manage the losses.
Minister Blamed Previous Pakistan Government
He ensured citizens, and the government had the proper roadmap to make the country profitable again but refused to share the details. When State Bank receives $10 Billion, our reserve fund will reach $16 Billion. Also, he blamed the previous government for ruining the Pakistan economy. He shared PK fulfilled the terms and conditions of the International Monetary Fund to get subsequent funding of $1.1 Billion.