China lends ارب 2.3 billion to Pakistan, finance minister confirms money transferred to SBP account
Finance Minister Muftah Ismail has announced in his tweet that Pakistan has received دو 2.3 billion in loans from the Chinese consortium.
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 (iftMiftahIsmail) June 24, 2022
“The money has been transferred to the SBP account, after which our foreign exchange reserves have increased,” he said.
It should be noted that Pakistan has received this amount under the agreement reached with the consortium of Chinese banks. It is expected that with the improvement in foreign exchange reserves, the value of rupee will also stabilize.
In addition, if a staff level agreement is reached with the IMF in the next few days, then Pakistan will start receiving financing from the World Bank, Asian Development Bank and Islamic Development Bank.
Thus, after the IMF program comes on track, Pakistan is expected to receive دس 10-12 billion in financing from donor agencies and countries, which has the potential to improve the economic situation and reduce global oil prices. If the trend continues, the situation will be even better.