Another $500mn on the way: Ishaq Dar

March 16, 2023 (MLN): The documentation for the second disbursement of $500 million out of the Industrial and Commercial Bank of China (ICBC)'s approved rollover facility of $1.3bn has been completed by Finance Ministry, the Federal Minister for Finance and Revenue informed on Thursday. 

Taking his official Twitter handle, he said, "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."

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!

— Ishaq Dar (@MIshaqDar50) March 16, 2023

Earlier this month, ICBC approved the rollover of a $1.3bn facility that had been repaid by Pakistan in recent monthsThe rollover facility is part of a larger effort to strengthen Pakistan's foreign exchange reserves and support its economic growth.

The country has been facing economic challenges in recent years, including a shortage of foreign currency reserves.

The ICBC facility is expected to help address these issues by providing Pakistan with much-needed liquidity.

The completion of the documentation for the second disbursement of the ICBC facility is a positive development for Pakistan's economy.

It will help the country to continue to meet its foreign currency obligations and support its economic growth.

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