SBP receives $500mln from Chinese bank

ISLAMABAD: Finance Minister Senator Ishaq Dar on Friday said that the State Bank of Pakistan (SBP) received $500 million from Chinese Bank ICBC, ARY News reported.

The amount was received by SBP from Chinese Bank ICBC as a second loan tranche. In a Tweet, he said it will shore up the 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 the forex reserves of Pakistan”, the minister said in a tweet.

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

It is pertinent to mention here that the Ministry of Finance has completed documentation for the second disbursement of $500 million from the Industrial and Commercial Bank of China (ICBC), Federal Minister for Finance Ishaq Dar said on Thursday.

“Out of Chinese ICBC’s approved rollover facility of US$1.3 billion (which was earlier repaid by Pakistan to ICBC in recent months), documentation for second disbursement of US$500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan,” he said in a Tweet.

Earlier this month, Pakistan received $500 million as a first loan tranche from the Industrial and Commercial Bank of China Ltd (ICBC).

The friendly country has extended the tranche after Islamabad fulfilled almost all the tough conditions for the revival of the IMF loan programme.