China Okays $700m For Pakistan, Says Dar

China okays $700m

China okays $700m Shortly after all the International Monetary Fund’s conditions to revive the $7 billion bailout were met, the finance minister announced on Wednesday that the board of the China Development Bank (CDB) has approved a $700 million loan to Pakistan. hoping for inflows from other multilateral lenders and friendly countries. 

Mr. Dar said the amount planned for this week will increase the State Bank of Pakistan’s (SBP) foreign exchange reserves, which have fallen to $3 billion, not even enough to cover three weeks of controlled imports. 

Pakistan is required to increase its foreign exchange reserves to at least $10 billion to cover a two-month import bill. Pakistan expects inflows from China, Saudi Arabia, and the United Arab Emirates soon after signing the workers’ agreement. 

A well-placed source told Digital Pakistani that Pakistan and the IMF will sign a working agreement on February 28th. Then, the source said, an IMF board meeting will be scheduled for the first week of March. 

In accordance with the IMF’s latest condition, on Wednesday evening the Prime Minister’s Secretariat submitted the draft budget (supplementary) 2023 to the President’s Secretariat for approval. However, the bill was sent out two days after it was approved by the National Assembly on February 20. 

A spokesman for the President confirmed to Dawn that the bill was received on Wednesday evening. 

Pursuant to Article 75 sec. 1, the President has no power to reject or reject a bill that qualifies as a bill under the Constitution.

The article reads as follows: “When a bill is presented to the President for approval, the President must within [ten] days: (a) approve the bill; or (b) in the case of a bill that is not a currency note, return the bill to the Majlis-e-Shoor (Parliament) with a request that the bill or any of its specific provisions be reviewed and any changes that the Embassy should take into account Meanwhile, China okays $700m & US Ambassador to Pakistan Donald Blome, Finance Minister Ishaq Dar on Wednesday visited Pakistan’s government for economic stability and socio-economic of the masses to further promote bilateral economy, investment and trade relations between the two countries.

Mr. Dar thanked the US Ambassador and reiterated his administration’s willingness to further deepen bilateral trade and investment ties with the United States.

The two sides exchanged views on issues of common concern and strengthened existing bilateral ties between the two countries, China okays $700m the statement added. 

Before the bill was submitted to Parliament on February 15, the government had already introduced taxes totaling Rs. 115 billion through two decrees issued on February 14. Now, following President Arif Alvi’s formal approval, the remaining Rs.55 billion will come into effect. 

Shortly after approval, the Federal Revenue Agency (FBR) will raise the general sales tax from 17% to 25% on more than 800 items, mostly imported groceries, cosmetics, and other non-essential items. FBR will issue an OAD to implement the remaining measures.

 A new clause introduced into the Treasury Act authorized the federal government (Cabinet) to charge goods at a higher GST rate at the retail level (Third Schedule) without the approval of Parliament. Prior to this change, this power rested with Parliament.

Scroll to Top