$2.3bn Chinese loan expected ‘within couple of days’, says Miftah Newspaper DAWN.COM

Source: dawn.com dawn.com

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ISLAMABAD: Finance Minister Miftah Ismail said on Wednesday that Chinese banks had signed an agreement for about a $2.3 billion loan that would flow into Pakistan’s account within a couple of days. Since February, Pakistan has been seeking a rollover of loans expiring very shortly to support the fast-depleting foreign exchange reserves of the State Bank of Pakistan that stood at $8.99bn as of June 10. “The Chinese consortium of banks has today signed the RMB [renminbi] 15bn (about $2.3bn) loan facility agreement after it was signed by Pakistani side yesterday,” Mr Ismail tweeted. “Inflow is expected within a couple...