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July 4, 2022
Business

Pakistan Signs $2.3 Billion Loan Facility Agreement with Chinese Consortium

Pakistan on Wednesday signed a $2.3 billion (RMB 15 billion) loan facility agreement with a consortium of banks from China, giving a boost to the country’s dwindling foreign exchange reserves.

In a message posted on Twitter, Finance Minister Miftah Ismail said that the inflow is expected within a couple of days.

“We thank the Chinese government for facilitating this transaction,” the minister added.

The announcement comes merely hours after a breakthrough was reported in talks with the IMF over the budgetary proposals for the upcoming fiscal year.

Foreign exchange reserves held by the State Bank of Pakistan (SBP) dipped below $9 billion on June 10. The central bank reserves are currently at their lowest level since November 22, 2019.

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