Islamabad March 3 2023: China Industrial and Commercial Bank of China (ICBC) to transfer an amount of USD 500 million to Pakistan Central Bank in next three days, says finance minister Muhammad Ishaq Dar.
“While another USD 500 million to be received in next 10 days, this amount will be used to repay the earlier debt taken from ICBC” says the finance minister.
“We are hopeful that country’s total foreign exchange reserves will be above USD 16 billion and central bank reserves will be more than USD 10 billion by June this year” he said.
He said we have fulfilled all prior conditions for reaching agreement with IMF. The last condition which is recently been placed by IMF of electricity surcharge for the next year will be approved by the federal cabinet in next two to three days.
Pakistan will make all its debt payment on time and will not default.
He was addressing to media in Islamabad to discuss current economic situation of the country and steps being taken by the government to get out of it.
