China Provided 500 Million Dollars in Difficult Times

These days Pakistan is suffering from financial difficulties, getting along in tough times, as usual, China provided 500 million dollars to Pakistan.

Federal Finance Minister Ishaq Dar said in a statement on Twitter that the Industrial And Commercial Bank of China Limited (ICBC) has sent 500 million dollars to the State Bank of Pakistan, which is used to stabilize the foreign exchange reserves.

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He also said that all the formalities regarding the financing of $1.3 billion have been completed and the China Bank has approved the rollover facility.

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