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State Bank of Pakistan gets $2.3 billion from Chinese consortium of banks: Miftah

ISLAMABAD: Finance Minister Miftah Ismail said that the State Bank of Pakistan has received a loan of $2.3 billion from a Chinese consortium of banks.

“I am glad to announce that Chinese consortium loan of RMB 15bn (roughly $2.3bn) has been credited into State Bank of Pakistan (SBP) account today, increasing our foreign exchange reserves,” he said on Twitter. Now the SBP’s reserves have increased to $10.6 billion, from $8.23 billion a week ago.

The statement comes two days after Ismail had announced that Chinese banks had signed a loan agreement with Pakistan. He had also thanked the Chinese government for facilitating the transaction.

Foreign Minister Bilawal Bhutto-Zardari had also expressed his gratitude to the Chinese leadership. “The people of Pakistan are grateful for the continued support of our all-weather friends,” he had said.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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