- Finance minister had earlier said that ICBC has rolled over $1.3bn-facility, reiterated that Pakistan will not default
Pakistan’s central bank has received $500 million from the Industrial and Commercial Bank of China (ICBC), the first of three disbursements that were approved for rollover, said Finance Minister Ishaq Dar late Friday night.
Dar said the formalities were complete and ICBC approved the rollover of a combined $1.3 billion facility that had been repaid by Pakistan in recent months.
His tweet comes after he had said that Pakistan expects further inflow of a loan facility from China, while he shared economic figures under the previous Pakistan Tehreek-e-Insaf (PTI) government and blamed Imran Khan for the country’s current economic state.
Pakistan’s foreign exchange reserves with the State Bank of Pakistan (SBP) recently got a boost due to a loan inflow of $700 million from the China Development Bank, taking the level to around $3.8 billion, which is still less than one month of import cover.