ISLAMABAD: Finance Minister Ishaq Dar has said that State Bank of Pakistan has received in its account from Chinese Bank ICBC US $ 500 million. It will shore up forex reserves of Pakistan.

He on Friday tweeted, “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!”

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!

— Ishaq Dar (@MIshaqDar50) March 16, 2023

It is pertinent to mention here that Pakistan’s government said the  IMF wants ‘friendly” countries to honor their commitments to fund the cash-strapped country before the multilateral lender signs off on a $6.5 billion bailout program.

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This has led to a delay in concluding talks with the IMF for the program, Pakistan Finance Minister Ishaq Dar told the upper house of parliament on Thursday. Certain countries had made pledges to support Pakistan during the IMF’s review and it “is asking they should actually complete and materialize those commitments,” he added.