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.
