Finance minister Ishaq Dar says Pakistan will need US$5 billion external financing to close its financing gap this fiscal year.
The facility will be disbursed in three instalments. The first one of US$500 million has been received by Pakistan’s central bank, Dar said in a tweet.The money, which Dar said has been repaid by Pakistan to the ICBC in recent months, is crucial for the South Asian economy, which is facing a balance of payment crisis, with its central bank foreign exchange reserves dropping to levels barely able to cover three weeks of imports.
More external financing will be coming to Pakistan only after Islamabad signs a deal with the International Monetary Fund , which the minister said should be done by next week.
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