Pakistan recieves $500mn.

 Pakistan recieves $500mn from Chinese bank 

In a boost to the depleting foreign exchange reserves,cash-strapped pakistan has received $500 Millon from the industrial and commercial bank of china LtD(ICBC),Federal Minister for finance and Revenue Ishaq Dar confirmed late Friday.

The cash-strapped country has faced growing economic challenges,with high inflation,sliding forex reserves,a widening current account deficit,and a depreciating currency.

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He said that the facility would be disbursed in three instalments,first one of &500 million has been received by the state bank of Pakistan.

"It will increase forex reserves!"Dar added.

Foreign exchange reserves were at $3.8billion as of February 24,just enough for less than a month of imports.while the liquid foreign exchange reserves held by the country stand at around $9 billion which include &5.5 billion net reserves held by commercial banks.

Highlighting the PDM-Led economic achievements,Dar said that the foreign exchange reserves held by the SBP climbed to $3.8 billion from $2.8 billion --------recoded last month.He maintained that the government returned $6.5 billion of foreign debt during the current fiscal year..

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..................... Pakistan recieves $500mn from Chinese bank......................................