China approves US$1.3b loan rollover for Pakistan, says finance minister

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ISLAMABAD, March 3 — Industrial and Commercial Bank of China Ltd (ICBC) yesterday approved a rollover of a US$1.3 billion (RM5.8 billion) loan for cash-strapped Pakistan, which...

ISLAMABAD, March 3 — Industrial and Commercial Bank of China Ltd yesterday approved a rollover of a US$1.3 billion loan for cash-strapped Pakistan, which will help shore up its depleting foreign exchange reserves, Finance Minister Ishaq Dar said.

He said Pakistan will need US$5 billion external financing to close its financing gap this fiscal year, which ends in June.

 

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