Pro IQRA News Updates.
Lahore: In the worst economic crisis in the country, China has again paid the right of friendship with Pakistan in a difficult time, China has given 500 million dollars to Pakistan.
According to the details, Federal Finance Minister Ishaq Dar has informed on his official Twitter account that the State Bank of Pakistan has received $500 million ($500 million) of the $1.3 billion financing facility from the Industrial and Commercial Bank of China Limited (ICBC). has been received, which will help strengthen the country’s foreign exchange reserves.
Formalities completed & Chinese Bank, ICBC approved reversal of USD 1.3 billion facility repaid by Pakistan to ICBC in recent months. The facility will be disbursed in 3 tranches, the first of USD 500 million has been received by SBP. It will increase foreign exchange reserves!
— Ishaq Dar (@MIshaqDar50) March 3, 2023
In his announcement, he said that all formalities regarding the financing of $1.3 billion have been completed and the Bank of China has also approved the rollover facility, which will be disbursed in 3 installments of which the first installment has been received by the central bank.
Earlier in the day, he said financing is very important for the country’s economy, which is facing a balance of payments crisis, with foreign reserves held by the State Bank of Pakistan (SBP) falling to this level. which can barely cover three weeks.
Federal Finance Minister Ishaq Dar further said that Pakistan will need five billion dollars in external financing to close its financial gap in the current financial year, which ends in June.
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