Pakistan set to receive $500 million as second tranche from Chinese Bank


ISLAMABAD – Pakistan is expected to receive a second installment of $500 million from a Chinese bank, Finance Minister Ishaq Dar confirmed Thursday.

In a social media post, the country’s finance chief said the Ministry of Finance has completed documentation for the second disbursement of $500 million from the Industrial and Commercial Bank of China (ICBC).

He said, “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”.

Pakistan’s all-weather friend decided to extend the second tranche as the South Asian nation is suffering a severe financial crunch amid a delay in IMF bailout program.

Meanwhile, the finance chief assured that the staff-level agreement with the International Monetary Fund (IMF) will be made public soon.

Pakistan’s forex reserves rise to $4.3 billion after new loan from Chinese bank