ISLAMABAD: (Mar 28) Pakistan has repaid a USD 1 billion commercial loan to the Industrial and Commercial Bank of China (ICBC) with the understanding of getting it refinanced soon, according to a media report.
This repayment has temporarily pulled down the country’s already thin foreign exchange reserves to a six-month low of USD 10.6 billion, the report added.
The loan was originally provided by ICBC two years ago at a floating interest rate of approximately 7.5 per cent, reported The Express Tribune. The repayment was made in two equal tranches this month, according to Pakistani authorities. PTI
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