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.