Pakistan signs $2.3bn loan facility agreement with Chinese consortium of banks

Pakistan has signed a $2.3 billion (RMB 15 billion) loan facility agreement with a Chinese consortium of banks.

In a message posted on Twitter, Finance Minister Miftah Ismail said that the inflow is expected within a couple of days.

https://twitter.com/MiftahIsmail/status/1539573937897717764

It is pertinent to note that Foreign exchange reserves held by the State Bank of Pakistan (SBP) dipped below $9 billion on June 10. The central bank reserves are currently at their lowest level since November 22, 2019.