Chinese bankers deposit another $500 million in Pakistan

The Industrial and Commercial Bank of China gave $500 million in Pakistan on Friday, the second installment of a $1.3 billion loan (ICBC).

Senator Ishaq Dar, the federal minister of finance and revenue, tweeted about the development.

He wrote: “The State Bank of Pakistan has received today in its account from the Chinese bank ICBC $500 million. It will shore up the forex reserves of Pakistan. AlhamdoLilah!”

Pakistan completed the required paperwork before the Chinese bank sent the second crucial payment.

The Chinese lender had earlier this month approved a rollover of a $1.3 billion loan for Pakistan.

Following the announcement, the Chinese bank made its first payment of $500 million on March 4, which assisted in the foreign exchange reserves passing the $4 billion mark.

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