Pakistan to receive $1b rollover from China today: Dar

Islamabad: Finance Minister Ishaq Dar has said that Pakistan will receive $1 billion from China on Friday (today) as part of a loan rollover agreement.

Dar highlighted that this amount was paid back by Pakistan against the loan that was now being returned to Pakistan.

Additionally, he said discussions were under way with the Bank of China for a loan of $300 million.

Dar also mentioned that funds were being disbursed in accordance with the China-Pakistan Economic Corridor (CPEC) agreement.

“The International Monetary Fund (IMF) has set certain conditions for external financing, which the government is diligently meeting,” he said.

Expressing satisfaction with the financial arrangements, Dar stated, “We have made all the necessary preparations, and we are in a strong position. Pakistan possesses valuable assets, including a $50 billion gas pipeline asset and the potential to secure $600 billion from the Reko Diq project.”

He reassured the public that Pakistan’s financial position remains stable. He dismissed claims about the looming financial crisis, saying, “Nothing will happen to this country. We have assets.”

He acknowledged the challenges posed by Pakistan’s external debt but maintained that the country should resort to prudent financial management. He said that Pakistan will have live within its means and resources.

Dar said that he had to bear the brunt of exile for his mantra to put up within the resources. He expressed the confidence that the dollar will return to its actual position in due time.

Amidst ongoing geopolitical dynamics, Dar criticized the existence of unfavourable politics targeting Pakistan. He highlighted that the IMF’s 9th review, which was expected to be completed in February, was still pending.

He emphasized that Pakistan possesses significant assets and urged the nation to remain focused on managing their finances responsibly.