Pakistan on Wednesday signed an RMB 15 billion ($2.3 billion) loan facility agreement with a Chinese consortium of banks. Which is expected to aid the depleting foreign exchange reserves and depreciation of the local currency.
The finance minister mifftah Ismail announced the development on his Twitter handle. Reveals that the inflows are expected within a couple of days.
He said: We thank the Chinese Government for facilitating this transaction.
The agreement with Chinese banks is expected to bolster the country’s reserves and enable. It is to make import payments while lending some support to the rupee as well. Which has lost 34% since the start of the outgoing fiscal year 2021-2022.