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 Chinese consortium of banks has today signed the RMB 15 billion (~$2.3 billion) loan facility agreement after it was signed by the Pakistani side yesterday. Inflow is expected within a couple of days. We thank the Chinese government for facilitating this transaction.— Miftah Ismail (@MiftahIsmail) June 22, 2022
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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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.
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