Minister for Finance and Revenue, Muhammad Ishaq Dar pledged to increase the country’s foreign exchange reserves from $14 billion to $15 billion in the next seven weeks.
Speaking on a Point of Order in the Senate, Dar mentioned that the past 11 months had been challenging due to predictions from rating agencies about Pakistan’s potential default. The country faced pressure to pay a significant sum of 3 billion dollars.
Finance Minister Ishaq Dar said China has extended the loan duration of $2.4 billion for two years. This month, Pakistan, facing financial constraints, received a total of $4.2 billion, which comprised $2 billion from Saudi Arabia, $1 billion from the United Arab Emirates (UAE), and $1.2 billion from the International Monetary Fund (IMF). The IMF approved $3 billion for Pakistan as part of a Standby Arrangement (SBA).
Dar revealed that Pakistan received $300 million from the Industrial and Commercial Bank of China (ICBC) to strengthen the country’s foreign exchange reserves.
