Pakistan signs $2.3bn loan facility agreement with Chinese consortium of banks

 Pakistan signs $2.3bn loan facility agreement with Chinese consortium of banks

FILE PHOTO: A Chinese national flag flutters near the building of China Securities Regulatory Commission (CSRC) at the Financial Street area in Beijing, China July 16, 2020. REUTERS/Tingshu Wang/File Photo

Pakistan has signed a $2.3 billion (RMB 15 billion) loan facility agreement with a Chinese consortium of banks.

In a message posted on Twitter, Finance Minister Miftah Ismail said that the inflow is expected within a couple of days.

 

It is pertinent to note that Foreign exchange reserves held by the State Bank of Pakistan (SBP) dipped below $9 billion on June 10. The central bank reserves are currently at their lowest level since November 22, 2019.

News Desk

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