SBP receives $500mln from Chinese Bank ICBC

Islamabad: Finance Minister Senator Mohammad Ishaq Dar on Friday said that State Bank of Pakistan received 500 million US Dollars from Chinese Bank ICBC.

In a Tweet, he said it will shore up forex reserves of Pakistan.

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

He clarified that out of Chinese ICBC's approved rollover facility of 1.3 billion US Dollars (which was earlier repaid by Pakistan to ICBC in recent months), documentation for second disbursement of 500 million US Dollars has been completed by Finance Ministry for release of funds to the State Bank of Pakistan.