ICBC approves rollover of $1.3bn facility

March 05, 2023 (MLN): Pakistan's efforts to strengthen its foreign exchange reserves have received a boost as the Chinese bank, Industrial and Commercial Bank of China (ICBC), has approved the rollover of a $1.3 billion facility that has been repaid by Pakistan in recent months, Federal Minister for Finance and Revenue informed through his official Twitter handle. 

The formalities for the rollover have been completed, and the facility will be disbursed in three installments, with the first installment of $500 million already received by the State Bank of Pakistan (SBP), he added. 

Formalities completed & Chinese Bank, ICBC approved rollover of US$1.3 billion facility which has been repaid by Pakistan to ICBC in recent months. Facility will be disbursed in 3 instalments, first one of US$500 million has been received by SBP. It will increase forex reserves!

— Ishaq Dar (@MIshaqDar50) March 3, 2023

The news has been welcomed by investors and analysts, who see this development as a positive sign for Pakistan's economy. The approval of the rollover by ICBC shows that international lenders continue to have confidence in Pakistan's ability to repay its debts, despite the challenges faced by the country's economy in recent times.

The approval of the rollover of the $1.3bn facility by ICBC is likely to be seen as a positive step by investors, who will be closely monitoring the economic situation of the country.

This development is expected to help bolster Pakistan's foreign exchange reserves and provide some stability to the country's economy.

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