Islamabad: Finance Minister Ishaq Dar has announced that the Chinese Bank ICBC has approved the rollover of a 1.3 billion US dollar loan after all necessary formalities have been completed.
The minister stated in a tweet tonight that Pakistan will receive this amount in three installments. The first installment of $500 million has been received by the State Bank of Pakistan.
He stated that the loan facility will increase foreign exchange reserves.
Formalities completed & Chinese Bank, ICBC approved rollover of US$1.3 billion facility which has been repaid by Pakistan to ICBC in recent months. Facility will be disbursed in 3 instalments, first one of US$500 million has been received by SBP. It will increase forex reserves!
— Ishaq Dar (@MIshaqDar50) March 3, 2023