Pakistan to get $2.3bn from China within few days: Miftah Ismail

MG News | June 22, 2022 at 05:09 PM GMT+05:00

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June 22, 2022 (MLN): In another breakthrough, the Chinese consortium of banks has signed a $2.3 billion loan facility agreement on Wednesday which will be received by Pakistan within a few days.

Taking to his Twitter handle, Federal Minister for Finance and Revenue, Miftah Ismail informed, “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,” he added.

He also thanked the Chinese government for facilitating this transaction.

The inflow will surely give some respite to the depleting foreign exchange reserves and stabilize the deteriorating rupee-dollar parity.

In addition to it, key progress has been made in talks on the revival of Pakistan's International Monetary Fund bailout program wherein Pakistan side is expecting the lender to increase the size and duration of the 39-month, $6bn facility.

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