SBP to receive $300m from Chinese bank today, says Dar
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LAHORE: Finance and Revenue Minister Ishaq Dar said State Bank of Pakistan (SBP) will receive third and last disbursement of $ 300 million from China’s Industrial and Commercial Bank of China (ICBC).
Taking to Twitter, he said that ICBC would release last tranche of $ 300 million from $ 1.3 billion loan facility (which was earlier repaid by Pakistan). Minister said that latest transaction would shore up foreign exchange reserves of country. “Out of Chinese Bank ICBC’s approved facility of $ 1.3 billion (which was earlier repaid by Pakistan), State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $ 300 million. It will shore up forex reserves of Pakistan” Dar said in tweet.
On March 3, ICBC had approved rollover of $ 1.3 billion loan for Pakistan and made first payment of $ 500 million same day. Second one also worth $ 500 millio was made on March 17.
Today’s development is expected to lead to much-delayed staff-level agreement (SLA) with Fund and unlock multilateral disbursements.
Out of Chinese Bank’s #ICBC approved facility of $1.3 billion (which was earlier repaid by Pakistan), State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $ 300 million.
— Ishaq Dar (@MIshaqDar50) April 14, 2023
It will shore up forex reserves of Pakistan.
AlhamdoLilah!
Published in The Daily National Courier, April, 15 2023
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