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Industrial and Commercial Bank of China Ltd on Friday approved a rollover of a $1.3 billion loan for cash-strapped Pakistan, which will help shore up its depleting foreign exchange reserves, Finance Minister Ishaq Dar said.
The facility will be disbursed in three instalments. The first one of $500 million has been received by the State Bank of Pakistan, Dar said in a tweet. “It will increase forex reserves,” he said.
The money, which Dar said has been repaid by Pakistan to the ICBC in recent months, is crucial for the country’s economy, which is facing a balance of payment crisis, with its central bank foreign exchange reserves dropping to levels barely able to cover three weeks of imports.
Earlier in the day, Dar had in a press conference, said Pakistan was expecting financing from ICBC.
Pakistan has already received a $700 million loan from China to help boost its forex reserves.
China approves $1.3bn loan rollover for Pakistan:
March 4, 2023Industrial and Commercial Bank of China Ltd on Friday approved a rollover of a $1.3 billion loan for cash-strapped Pakistan, which will help shore up its depleting foreign exchange reserves, Finance Minister Ishaq Dar said.
The facility will be disbursed in three instalments. The first one of $500 million has been received by the State Bank of Pakistan, Dar said in a tweet. “It will increase forex reserves,” he said.
The money, which Dar said has been repaid by Pakistan to the ICBC in recent months, is crucial for the country’s economy, which is facing a balance of payment crisis, with its central bank foreign exchange reserves dropping to levels barely able to cover three weeks of imports.
Earlier in the day, Dar had in a press conference, said Pakistan was expecting financing from ICBC.
Pakistan has already received a $700 million loan from China to help boost its forex reserves.