Pakistan receives another $500 million from a Chinese bank
The Industrial and Commercial Bank of China gave Pakistan $500 million on Friday, the second installment of a $1.3 billion loan (ICBC).
Senator Ishaq Dar, the federal minister of finance and revenue, tweeted about the news. He stated: “$500 million was deposited into the State Bank of Pakistan’s account today by the Chinese bank ICBC. It will support Pakistan’s foreign exchange reserves. AlhamdoLilah!”
Pakistan finished the required paperwork before the Chinese bank sent the second crucial payment.
The Chinese lender had earlier this month approved a rollover of a $1.3 billion credit for Pakistan. Pakistan’s decreasing foreign exchange reserves would be supported by the loan.
Following the announcement, the Chinese bank made its first payment of $500 million on March 4, which assisted in the foreign exchange reserves passing the $4 billion threshold.