Pakistan receives transfer of $2.3 billion consortium loan from China
Pakistan on Friday received a transfer of $2.3 billion from China!
The move has increased Pakistan’s foreign exchange reserves.
Finance Minister Miftah Ismail has announced that a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into the State Bank of Pakistan’s (SBP) account.
“I am pleased to announce that a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today, increasing our foreign exchange reserves,” Mifta Ismail said in a tweet.
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
The loan will bolster Pakistan’s depleting forex reserves, which stood at $14,210.4 before the Chinese banks deposited the money.
