China’s Bank transfers $50 million to Pakistan.
The Federal Finance Minister Ishaq Dar has confirmed that Pakistan has been informed of the receipt of a $50 million transfer from China.
Ishaq Dar further stated that the State Bank of Pakistan has received the funds from the Industrial and Commercial Bank of China, which will increase the country’s foreign exchange reserves.
The Finance Minister also said that progress is ongoing for an additional $30 million loan from China’s bank, and Pakistan is expected to receive a total loan of $1.3 billion from the Industrial and Commercial Bank of China.
He added that the Chinese bank had granted approval for a $1.3 billion rollover, and Pakistan had recently repaid this amount to the bank.
