ICBC approves rollover of $1.3b facility; Amount to be disbursed in three instalments
In a boost to the depleting foreign exchange reserves, cash-strapped Pakistan has received $500 million from the Industrial and Commercial Bank of China Ltd, Federal Minister for Finance and Revenue Ishaq Dar confirmed late Friday.
The cash-strapped country has faced growing economic challenges, with high inflation, sliding forex reserves, a widening current account deficit, and a depreciating currency.
“Formalities completed [and] Chinese Bank, ICBC approved rollover of $1.3 billion facility which has been repaid by Pakistan to ICBC in recent months,” the finance czar announced on Twitter.
He said that the facility would be disbursed in three instalments, first one of $500 million has been received by the State Bank of Pakistan.