Finance Minister Senator Ishaq Dar on Friday said that the State Bank of Pakistan (SBP) received $500 million from Chinese Bank ICBC.
The amount was received by SBP from Chinese Bank ICBC as a second loan tranche. In a Tweet, he said it will shore up the forex reserves of Pakistan.
“The Chinese bank ICBC has deposited US$500 million into the State Bank of Pakistan’s account today. It will support Pakistan’s foreign exchange reserves, the minister tweeted.
It is important to note that the Ministry of Finance has completed the paperwork for the second distribution of $500 million from the Industrial and Commercial Bank of China (ICBC), according to remarks made on Thursday by Federal Minister for Finance Ishaq Dar.
“Documentation for second disbursement of US$500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan,” he wrote in a Tweet, making reference to the US$1.3 billion Chinese ICBC rollover facility that had been approved. Pakistan had previously paid this amount to ICBC in recent months.
Earlier this month, Pakistan received $500 million as a first loan tranche from the Industrial and Commercial Bank of China Ltd (ICBC).
The friendly country has extended the tranche after Islamabad fulfilled almost all the tough conditions for the revival of the IMF loan programme.