$ 500 million under China’s rollover facility ready for SBP

Gwadar Pro

Islamabad: Federal Minister for Finance and Revenue Mohammad Ishaq Dar said here that documentation of second disbursement of US$500 million under rollover facility has been completed for release to the State Bank of Pakistan (SBP).

In a tweet, the finance minister informed that the disbursement was part of the Industrial and Commercial Bank of China’s (ICBC) approved rollover facility of US$1.3 billion, which was earlier repaid by Pakistan to the bank in recent months.

“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!” he tweeted.

The rollover facility was scheduled to be disbursed in three installments, out of which the first one was received.

The facility was scheduled to be disbursed in three installments, out of which the first one was disbursed during the first week of March 2023.