China inks 2.3bn refinancing agreement with Pakistan

ISLAMABAD – Pakistan has inked a $2.3 billion loan facility agreement with a Chinese consortium of banks amid draining foreign exchange reserves and rupee depreciation.

Finance Minister Miftah Ismail confirmed the development, he also hailed Beijing for facilitating this transaction.

He added that the inflows are expected within a couple of days.

The country’s new finance chief made the announcement after a major breakthrough in talks between the International Monetary Fund and the South Asian country over the budgetary proposals.

Pakistan secures crucial IMF deal amid worsening economic crisis

The country of nearly 221 million is facing a looming economic situation as it remains engaged in talks with the global lender over stalled Extended Fund Facility.

More from this category

Advertisment

Advertisment

Follow us on Facebook

Search