China deposits $2.3bn in SBP reserves, confirms Miftah Ismail

ISLAMABAD: The State Bank of Pakistan (SBP) has received a Chinese consortium loan of RMB 15 billion ($2.3 billion) to aid the depleting foreign exchange reserves, Finance Minister Miftah Ismail confirmed on Friday.

Taking to Twitter, the finance minister wrote: “I am pleased to announce that a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today”.

Miftah Ismail noted that the loan received from China has increased the country’s foreign exchange reserves.

I am pleased to announce that Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today, increasing our foreign exchange reserves.

— Miftah Ismail (@MiftahIsmail) June 24, 2022

It is pertinent to mention here that Pakistan had signed a loan facility agreement with a Chinese consortium of banks to aid the depleting foreign exchange reserves and depreciation of the local currency.

“We thank the Chinese government for facilitating this transaction,” wrote the finance minister on his Twitter account.