Forex reserves to get another boost as Pakistan receives $500 million from Chinese Bank

ISLAMABAD – The dwindling foreign exchange reserves of crisis hit Pakistan are set to get another boost as the State Bank of Pakistan (SBP) received $500 million approved by the Chinese Bank.

Finance Minister Ishaq Dar confirmed late Friday that State Bank of Pakistan has received in its account from Chinese Bank ICBC US Dollars 500 million which will shore up forex reserves.

The second tranche of $500m for Islamabad was part of a $1.3b rollover facility from China’s ICBC, documentation for which was completed earlier this week.

State Bank of Pakistan earlier received the first $500m installment from Beijing earlier this month from Pakistan’s all-weather friend.

As always, Beijing remained on the front line with Pakistan in hard times as the revival of the IMF loan program for Pakistan extended, as the financial organization sought a written assurance of financing from friendly countries before releasing funds.