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Markets

SBP receives $500mn from ICBC: Ishaq Dar

  • Finance minister had earlier said that ICBC has rolled over $1.3bn-facility, reiterated that Pakistan will not default
Published March 4, 2023

Pakistan’s central bank has received $500 million from the Industrial and Commercial Bank of China (ICBC), the first of three disbursements that were approved for rollover, said Finance Minister Ishaq Dar late Friday night.

Dar said the formalities were complete and ICBC approved the rollover of a combined $1.3 billion facility that had been repaid by Pakistan in recent months.

His tweet comes after he had said that Pakistan expects further inflow of a loan facility from China, while he shared economic figures under the previous Pakistan Tehreek-e-Insaf (PTI) government and blamed Imran Khan for the country’s current economic state.

Pakistan’s foreign exchange reserves with the State Bank of Pakistan (SBP) recently got a boost due to a loan inflow of $700 million from the China Development Bank, taking the level to around $3.8 billion, which is still less than one month of import cover.

Comments

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KhanRA Mar 04, 2023 01:26am
More loans. Remember how he recently told us that interest is haram and must be eliminated from the economy? Remember how he tried to raise money by overseas Pakistanis by asking them to donate into 5 year zero-interest, zero-fee bonds (that would not even cover the devaluation from inflation)? Is he now going to tell us if ICBC will adhere to the zero-interest mantra? Or does he finally realize that any modern banking system requires interest?
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Az_Iz Mar 04, 2023 04:53am
Start celebrating when the country is on a firm growth trajectory.
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Khalid Mar 04, 2023 09:05am
They in competent finance minister instead of begging should generate income
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Ali Mar 04, 2023 02:08pm
@Younas, the break up value is 400 per share. The company is very cheap. But to unlock share price the following has to happen. 1) Managment must strive to reverse impairments are reduce trade debts. It must be careful on future receivable pile ups. 2) Liabilitues must be paid back and Long Term Debt to Equity should be near zero%. 3) Ship fleet must be tactfully increased but must be equity financed. 4) Dividend payout ratio must be increased and quarterly payouts would be ideal.
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Tulukan Mairandi Mar 04, 2023 02:16pm
The situation is so bad that there is a UAE firm that's buying tonnes of plastic and human waste from india, and selling it to Pakistan via Dubai. Plastic waste is shredded and made into clothes (as cotton is costly). In short, Pakistanis are wearing and consuming Indian waste. Keep Ishaq Dar for another year and we won't even be able to afford waste!
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Shiteistan Mar 04, 2023 03:31pm
This man is a buffoon and his supporters are not well wishers of the country. Following is a quote from todays Dawn newspaper - "The Sharifs must stop supporting Dar who is responsible for single-handedly ruining the future of millions of Pakistanis." When will the masses realise that they need to get rid of the Sharif's/Zardari's etc. and their paid touts?
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Tulukan Mairandi Mar 04, 2023 11:19pm
Continued from my earlier comment, the imported excrement from india, on the other hand, is mixed into Keema, Haleem and Daal that is sold to the poor (known to food traders / restaurant operators as "filler"). Can it be more shocking what our poor are really consuming?
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