Receives Pakistan Another $500 Million from ICBC

Receives Pakistan Another $500 Million from ICBC

The State Bank of Pakistan (SBP) has received the second tranche of $500 million from the Industrial and Commercial Bank of China, according to confirmation from Finance Minister Ishaq Dar on Friday (ICBC).

The country's foreign exchange reserves will increase as a result of the inflow of money, the finance minister claimed in a tweet.

The State Bank of Pakistan (SBP), in its most recent report, stated that on March 10, the central bank's reserves were $4.319 billion. 

The $500 influx will probably bring Pakistan's reserves close to $5 billion and increase its import coverage to more than one month.

It is important to note at this point that ICBC just approved the rollover of the $1.3 billion facility that Pakistan recently repaid. Pakistan received the initial $500 payment from the Chinese bank on March 3.

The Ministry of Finance is now anticipated to begin the paperwork for the $300 million last installment.