Pakistan State Bank of Pakistan receives $2.3bn from Chinese banks, tweets Pakistani Finance Minister
Islamabad: Pakistan Finance Minister Miftah Ismail on Friday confirmed a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into the State Bank of Pakistan's (SBP) account.
The minister said the measure will increase Pakistan's foreign exchange reserves.
The Minister tweeted: "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."
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, Pakistan had signed a loan facility agreement with a Chinese consortium of banks to aid the depleting foreign exchange reserves and depreciation of the local currency, reports Geo News.
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