In major boost to forex reserves, Pakistan receives another $500mn from Chinese bank


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.

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.