Pak expects $1.3 bn in financing from China’s ICBC in coming days

Islamabad, March 3 (SocialNews.XYZ) Pakistan's Finance Minister Ishaq Dar said on Friday that the country is expecting $1.3 billion in financing from the Industrial and Commercial Bank of China Ltd (ICBC) in the coming days to help shore up its foreign exchange reserves, media reports said.

Addressing a press conference on the country's prevailing economic situation here, Dar said he is holding the presser to clear the "ambiguity" amid the current scenario, Dawn reported.

"All our formalities with the ICBC are complete as of last night. We returned them $1.3 billion in the last few months... They are giving it back and have renewed this facility," Dar said, adding that it is possible that $500 million will come in the next few days -- by Monday or Tuesday -- and a further $500 million within 10 days, Dawn reported.

The minister said all the documentation work for the process has been completed.

On whether the country would default, Dar said: "We have never defaulted and we won't now. Yes, we were in a precarious situation and are going through it currently."

He said the current government had made a "principled decision" whether to save the state or its own politics around the time of last year's vote of no confidence against Imran Khan, Dawn reported.

Dar said the state's interest was prioritised over political interests at the time, adding that it was the "right decision".

He also criticised PTI chief Imran Khan, calling on him to reflect on his own past and his government's performance.

"They keep going on and on about default [but] their ministers called their provincial finance ministers that 'you don't allow the IMF matter to be resolved'," Dar added.

The Finance Minister also said that Khan's attitude is "selfish", adding that oppositions around the world worked together with the government on national issues, Dawn reported.

Source: IANS