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Another $500mn on the way: Ishaq Dar

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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.”

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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Posted on: 2023-03-16T14:55:24+05:00