Chinese Bank Sends $500 Million to Pakistan

The Industrial and Commercial Bank of China (ICBC) gave the State Bank of Pakistan (SBP) $500 million on Friday, bringing the total amount of reserves held by the government-run institution to over $4 billion.

Finance Minister Ishaq Dar made the announcement on Twitter, stating that the bank had approved the rollover of the $1.3 billion facility that Pakistan had recently repaid to ICBC.

The facility would be paid for in three installments, the minister added. The minister announced that a sum of $500 million from the rollover of the $1.3 billion facility was soon anticipated during a press conference earlier in the day.

It is important to note that the SBP’s foreign currency reserves were valued at $3.814 billion on February 24.

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