The Finance Minister says he is pleased to make announcement that Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today
ISLAMABAD: (UrduPoint/Pakistan Point News- June 24th, 2022) Finance Minister Miftah Ismail Friday confirmed a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion).
The Finance Minister said that the loan would increase Pakistan's foreign exchange reserves.
Taking to Twitter, Miftah said, "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,".
In an earlier tweet, he had said, "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,".
The development came as a massive relief to economic policymakers after foreign exchange reserves held by the SBP fell below $9 billion as of June 10, with the level staying at less than six weeks of import cover.
Pakistan had earlier signed a loan facility agreement with a Chinese consortium of banks to aid the depleting foreign exchange reserves and depreciation of the local Currency.
