ISLAMABAD: Pakistan Finance Minister Ishaq Dar on Friday said that the State Bank of Pakistan (SBP) received $500 million from Chinese Bank ICBC.
In a tweet, the finance minister said that after getting this amount, Pakistan’s forex reserves will increase.
“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!,” Ishaq Dar tweeted.
Earlier in a tweet on March 16, Ishaq Dar said that the Chinese Bank approved the rollover facility of $1.3billion for Pakistan.
Dar tweeted, “Earlier, Out of #Chinese ICBC’s approved rollover facility of US$1.3 billion (which was earlier repaid by Pakistan to ICBC in recent months), documentation for second disbursement of US$500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan!”
Pakistan is currently facing a huge economic crisis as the International Monetary Fund (IMF) has set conditions for approving the ninth review of $7billion loan programme.