SBP receives $500mln from Chinese Bank ICBC

Finance Minister Senator Mohammad Ishaq Dar has said that the State Bank of Pakistan received 500 million US Dollars from Chinese Bank ICBC.

In a Tweet, he said it will shore up the forex reserves of Pakistan.

He clarified that out of Chinese ICBC’s approved rollover facility of 1.3 billion US Dollars (which was earlier repaid by Pakistan to ICBC in recent months), documentation for the second disbursement of 500 million US Dollars has been completed by Finance Ministry for the release of funds to the State Bank of Pakistan.

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.

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