China approves 1.3 billion-dollar rollover for Cash-starved Pakistan, receives $500 million

China once again emerged as a saviour for cash-strapped Pakistan. Industrial and Commercial Bank of China Ltd approved a rollover of a $1.3 billion loan for Pakistan. Finance Minister Ishaq Dar shared that it will help shore up Pak’s depleting foreign exchange reserves. Facility will be disbursed in three instalments, first one of $500 million has been received by Pak’s central bank, Dar said in a tweet. Pakistan has already received a $700 million loan from China to help boost its forex reserves. As per Dar, the money has been repaid by Pakistan to the ICBC in recent months, Reuters reported. This money is crucial for the South Asian economy, which is facing a balance of payment crisis. The Central Bank foreign exchange reserves of Pakistan stood at levels barely able to cover the imports, Reuters reported. Dar said Pak will need $5 billion in external financing to close its financing gap this fiscal year, which will end in June. However, more external financing will be coming to Pak only after Islamabad signs a deal with IMF, which should be done by next week #China #Pakistan #PakistanEconomicCrisis Subscribe now and press the bell icon 🔔 to get new video updates: https://bit.ly/2UV4ygi -------------------------------------- ANI is South Asia's leading Multimedia News Agency providing content for every information platform, including TV, Internet, broadband, newspapers, and mobiles. Subscribe now! Enjoy and stay connected with us!! ☛ Subscribe to ANI News YouTube channel: https://bit.ly/2UV4ygi ☛ Visit our Official website: https://www.aninews.in/ ☛ Follow ANI:   / ani   ☛ Like us:   / aninews.in   ☛ Email to: [email protected], [email protected] ☛ Copyrights © All Rights Reserved ANI Media Pvt Ltd.