ISLAMABAD: Pakistan has received $500 million from the Industrial and Commercial Bank of China Ltd (ICBC), Federal Minister for Finance and Revenue Ishaq Dar confirmed late Friday.

The friendly country has extended the tranche after Islamabad fulfilled almost all the tough conditions for the revival of the IMF loan programme.

Taking to Twitter, the finance minister announced that the Chinese Industrial and Commercial Bank of China Ltd (ICBC) has completed all formalities and approved the rollover of $1.3 billion facility that Pakistan repaid in recent months.

“The facility will be disbursed in three instalments. The first one of $500 million has been received by Pakistan’s central bank,” Dar said in a tweet.

“It will increase forex reserves,” he said.