The State Bank of Pakistan (SBP) has received a Chinese Consortium loan of RMB 15 Billion ($2.3billion) to aid the depleting foreign exchange reserves. Finance Minister, Mifftah Islamail Confirmed on Friday.
Taking to Twitter, Finance Minister wrote: ” I am pleased to announce that a consortium loan of 15 billion roughly ($2.3 billion) has been credited in the SBP account today.”
Mifftah Ismail noted that the loan received from China has increased the country’s foreign exchange reserves. It is pertinent to mention here that Pakistan has signed a loan facility agreement with a Chinese Consortium of Banks. To aid depleting foreign exchange reserves and depreciation of the local currency.