The Industrial and Commercial Bank of China (ICBC) is set to give Pakistan $300 million today in a move that will boost the country’s foreign exchange reserves, Finance and Revenue Minister Ishaq Dar said on Friday.
He wrote on Twitter that ICBC had approved a loan facility of $1.3 billion for Pakistan, which had earlier been repaid. The Chinese bank has already returned part of the amount in two previous disbursements.
“State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $300 million,” the finance czar wrote on his official Twitter handle. “It will shore up forex reserves of Pakistan.”
