Pakistan received $500 million from Chinese bank, Finance Minister Ishaq Dar announced late Friday, as part of the $1.3 billion facility approved by the Industrial and Commercial Bank of China (ICBC).
The cash-strapped country has faced growing economic challenges, with high inflation, sliding forex reserves, a widening current account deficit and a depreciating currency.
“Formalities completed [and] Chinese Bank, ICBC approved rollover of $1.3 billion facility which has been repaid by Pakistan to ICBC in recent months,” the finance czar announced on Twitter.
He said that the facility would be disbursed in three instalments, first one of $500 million has been received by the State Bank of Pakistan.
“It will increase forex reserves!” Dar added.