State Bank of Pakistan receives $2.3 billion loan from China

05:43 PM | 24 Jun, 2022
State Bank of Pakistan receives $2.3 billion loan from China
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ISLAMABAD – The country's central bank has received an amount of $2.3 billion as loan from China, Finance Minister Miftah Ismail announced on Friday.

Miftah took to Twitter to announce the receipt that is "increasing our foreign exchange reserves,"

Earlier this week, the minister confirmed that the Chinese consortium of banks has signed the RMB 15 billion (~$2.3 billion) loan facility agreement after it was signed by the Pakistani side.

While thanking the Chinese government for facilitating this transaction, he had hoped of inflow within a couple of days.

Soon after a broader agreement on budget 2022-23 between Pakistan and the IMF [International Monetary Fund], China made this loan facility available for Pakistan.

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