Lahore: In the worst time of the economy in the country, China has paid back the right of friendship with Pakistan in a difficult time, China has given 500 million dollars to Pakistan.
According to information, the Federal Minister of Finance Ishaq Dar announced on his official account Twitter that the State Bank of Pakistan has received $ 500 million ($ 500 million) of $ 1.3 billion of the financing from the Industrial and Commercial Bank of China Limited (ICBC). received, will help strengthen the country’s savings.
After the settlement with the Bank of China, ICBC has confirmed the US$1.3 billion facility that Pakistan repaid to ICBC in recent months. The app will be released in three installments, first of which is $500 million USD received by SBP. Forex reserves will increase!
– Ishaq Dar (@MIshaqDar50) March 3, 2023
In his message, he said that all formalities related to the financing of $1.3 billion have been completed and the Chinese bank has also approved the rollover facility, which will be released in 3 tranches which is the first tranche received by the central bank. .
At the beginning of the day, he mentioned the importance of financing the country’s economy that is facing problems of the balance of payments, and the foreign reserves held by the State Bank of Pakistan (SBP) is falling in this situation, which is barely able to pay three weeks. .
The Federal Minister of Finance, Ishaq Dar, said that Pakistan will need five billion dollars in foreign funds to close its financial gap in this fiscal year, which ends in June.