State Bank of Pakistan receives $2.3 billion loan from China

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,"

I am pleased to announce that Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today, increasing our foreign exchange reserves.

— Miftah Ismail (@MiftahIsmail) June 24, 2022

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.

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

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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