Cash-strapped Pakistan will receive $1.3 billion in financing from the Industrial and Commercial Bank of China in the coming days to help shore up its foreign exchange reserves, Finance Minister Ishaq Dar said on March 3. The money, which he said will come in three phases, is crucial for the South Asian economy, which is facing a balance-of-payment crisis, with its central bank foreign exchange reserves dropping to levels barely able to cover three weeks of imports. Pakistan has already received a $700 million loan from China to help boost its forex reserves. To read the original story from Reuters, click here.
