China inks $2.3bn refinancing agreement with Pakistan

06:52 PM | 22 Jun, 2022
China inks $2.3bn refinancing agreement with Pakistan
Source: File photo

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.

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