The Chinese bank transferred this amount to Pakistan a few hours after finance minister Ishaq Dar claimed that the ICBC would provide $1.3 billion to Pakistan.
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The KSE-100 index crossed the 41,060 level as the finance minister said that the government and IMF are expected to sign a staff-level agreement next week.
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Gwadar Port Authority (GPA) Chairman Pasand Khan Buledi said that a ship loaded with 50,000 metric tons of wheat reached Gwadar port.
Dar said the government has fulfilled the upfront conditions of the IMF and the staff-level agreement is likely to be signed any time next week.
Earlier, the central bank’s discount rate was at 17 percent which was increased by 300 basis points on Thursday afternoon.
Mao Ning, a spokeswoman for the Chinese Foreign Ministry today said that China urged “concerted efforts of all parties to play a constructive role in the economic developments of Pakistan.”