ISLAMABAD – In a positive development amid the deteriorating economy, the State Bank of Pakistan-held (SBP) foreign exchange reserves registered a major boost on Friday as the nation received $500 million from the Chinese Bank.
The country’s finance chief Ishaq Dar confirmed it in a social media post, saying the State Bank of Pakistan received $500 million in its account from Chinese Bank ICBC. “It will shore up the forex reserves of Pakistan,” he added.
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
Earlier this week, the PML-N stalwart announced the completion of documentation for the $500 million disbursement as Chinese ICBC’s approved rollover facility of US$1.3 billion for crisis hit Pakistan.
These funds from the country’s all-weather friend are a breath of fresh air as Pakistan continues to face delay in the revival of the IMF loan program and US-based lender now demanded a stern condition before signing a staff-level agreement.
The financial organization has sought a written assurance of financing from friendly nations, including the KSA, UAE, and Qatar, while Pakistani officials are active in getting the written assurance from the above-mentioned countries.
