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State Bank of Pakistan receives $2.3bn from Chinese banks, tweets Pakistani Finance Minister Pakistan
Miftah Ismail Twitter page

State Bank of Pakistan receives $2.3bn from Chinese banks, tweets Pakistani Finance Minister

India Blooms News Service | @indiablooms | 24 Jun 2022, 06:22 pm

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."

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.