WRITE FOR US
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
No Result
View All Result
Economy.pk
No Result
View All Result
Home Business

SBP receives $500mln from Chinese bank

by Irsa
in Business, Economy
Reading Time: 2 mins read
SBP receives $500mln from Chinese bank
Share on FacebookShare on Twitter

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.

RelatedPosts

Pakistani rupee gains against US dollar

PM Shehbaz formed committee to transfer DISCOs to province

IMF Expresses Concerns Over Petrol Subsidy for Low-Income Groups Without Consultation

“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.

State Bank of Pakistan has received today in its account from Chinese Bank ICBC US $ 500 million. It will shore up forex reserves of Pakistan.
AlhamdoLilah! https://t.co/dIHmfBLlvD

— Ishaq Dar (@MIshaqDar50) March 17, 2023

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.

Tags: Chinese bankIshaq DarState Bank of Pakistan
Irsa

Irsa

Next Post
IMF rejects govt’s proposal to increase BISP coverage

IMF rejects govt’s proposal to increase BISP coverage

Recent Posts

  • Massive 6.8 magnitude earthquake rattles many cities of Pakistan
  • Legends League Cricket: Shahid Afridi-led Asia Lions lift LLC trophy
  • Auto financing dips for eighth consecutive month
  • Pak Suzuki posts staggering losses of Rs6.3b
  • Pakistani rupee gains against US dollar

Advertisement

Twitter

Economy.pk

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Categories

  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos

Privacy & Legal

  • Privacy Policy
  • Cookies

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • About
  • Advertise
  • Contact

© 2023 Economy.pk

No Result
View All Result
  • VIDEOS
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 Economy.pk