The Chinese consortium of banks has signed a $2.3 billion loan facility agreement on Wednesday which will be received by Pakistan within a few days.
Taking to his Twitter handle, Federal Minister for Finance and Revenue, Miftah Ismail informed, “The Chinese consortium of banks has today signed the RMB 15 billion ($2.3 billion) loan facility agreement after it was signed by the Islamabad side yesterday.”
Inflow is expected within a couple of days,” he added. He also thanked the Chinese government for facilitating this transaction.
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The inflow will surely give some respite to the depleting foreign exchange reserves and stabilize the deteriorating rupee-dollar parity.
In addition to it, key progress has been made in talks on the revival of the International Monetary Fund bailout program wherein Islamabad is expecting the lender to increase the size and duration of the 39-month, $6 billion facility.