Pakistan received 500 million dollars from bank of China

Islamabad, Mar 18 (Prensa Latina) Pakistan received a new loan package from China of 500 million dollars, which will help the country shore up its depleted foreign currency reserves while the government fights its economic crisis.

March 18, 2023
09:42

Finance Minister Ishaq Dar confirmed in a tweet that the State Bank of Pakistan received financial aid from the Industrial and Commercial Bank of China, the online newspaper Pakistan Observer reported.

The transfer is the second $500 million disbursement to Pakistan as part of a $1.3 billion renewable credit line from the Chinese bank, and for which the documentation was completed earlier this week.

The central bank of Pakistan received the first $500 million earlier this month as part of China’s efforts to help Pakistan avoid an imminent foreign debt default while fighting the ongoing financial crisis.

China extended the tranche after Pakistan met nearly all the preconditions for reviving an International Monetary Fund loan program, and the government said it would soon reach a deal with the IMF.

jrr/llp/ro/abm