Finance Minister Ishaq Dar said State Bank of Pakistan has received on Friday in its account from Chinese Bank ICBC US Dollars 500 million.
“It will shore up forex reserves of Pakistan,” Ishaq Dar said.
On March 16, out of Chinese ICBC’s approved rollover facility of US$1.3 billion (which was earlier repaid by Pakistan to ICBC in recent months), documentation for second disbursement of US$500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan.
It is pertinent to note that revival of the IMF loan program for Pakistan took a new turn, as the international lender has put forward a new condition before signing a staff-level agreement.
After allegedly fulfilling all prior conditions to unlock the next tranche of a billion dollars, Pakistan is faced with another obstacle.