Business
Chinese Bank approves rollover of $1.3bln loan for Pakistan: Dar
The State Bank of Pakistan has received the first installment of 500 million dollars.
Islamabad: Finance Minister Ishaq Dar says that the Chinese Bank ICBC has approved rollover of 1.3 billion US dollar loan after completing the necessary formalities.
In a tweet tonight, the minister said Pakistan will receive this amount in three installments. The State Bank of Pakistan has received the first installment of 500 million dollars.
He said the loan facility will increase forex reserves.
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
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