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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.

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The loan will bolster Pakistan’s depleting forex reserves, which stood at $14,210.4 before the Chinese banks deposited the money.

NewsDesk

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