ICBC (Industrial and Commercial Bank of China Ltd.) is expected to lend Pakistan $1.3 billion in the next days to assist bolster its foreign exchange reserves, according to Finance Minister Ishaq Dar on Friday.
Dar claimed he held the news conference to address “ambiguity” in the current circumstances when speaking at a press conference on the country’s current economic crisis in Islamabad.
“As of last night, all of our formalities with the ICBC are finished. We gave them back $1.3 billion in the last few months, and now they are returning it and renewing this facility, said Dar, who also said that it was conceivable for $500 million to be given to them in the coming days by Monday or Tuesday, followed by another $500 million in the following ten days.
