USD 500 million under China’s rollover facility is ready for State Bank of Pakistan, Gwadar Pro reported on Friday quoting Federal Minister for Finance and Revenue Mohammad Ishaq Dar.

The documentation of the second disbursement of USD 500 million under China' s rollover facility has been completed for release to the SBP.

The disbursement was part of the Industrial and Commercial Bank of China's (ICBC) approved rollover facility of USD 1.3 billion, which was earlier repaid by Pakistan to the bank in recent months.

"Out of Chinese ICBC's approved rollover facility of USD 1.3 billion (which was earlier repaid by Pakistan to ICBC in recent months), documentation for second disbursement of USD 500 million has been completed by Finance Ministry for release of funds to the State Bank of Pakistan.

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

Credit: Independent News Pakistan-INP