SBP receives $500mn from China

MG News | March 19, 2023 at 04:42 PM GMT+05:00

0:00

March 19, 2023 (MLN): The State Bank of Pakistan (SBP) has received $500 million from the Industrial and Commercial Bank of China (ICBC) as Pakistan completed the necessary documentation for disbursement, Federal Minister for Finance and Revenue Ishaq Dar informed through his official Twitter handle.

It will shore up the forex reserves of Pakistan, he added.

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! https://t.co/dIHmfBLlvD
— Ishaq Dar (@MIshaqDar50) March 17, 2023

Pakistan had earlier received $500mn from ICBC as the first of three disbursements approved for rollover, and the completion of documentation for the second disbursement of $500mn was announced by Dar on Thursday.

The Chinese bank had approved a rollover facility of $1.3 billion, which Pakistan had repaid in recent months.

Pakistan's foreign exchange reserves currently stand at $4.32bn, boosted by loan inflows of $500mn from ICBC and $700mn from China Development Bank.

The country is also expecting another $800mn from ICBC after renewing its $1.3bn facility, which it had repaid earlier.

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