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Chinese $2.3b loan credited, announces Miftah

Humayoun Khan by Humayoun Khan
June 24, 2022
in Business, Featured, Latest News, National, Politics, Top News
Reading Time: 1 min read
PML-N rejects possibility of removing fuel and energy subsidies

While the economic crisis looming over Pakistan is far from over, the economic experts and the people can rest easy as the Chinese loan of $2.3 billion has been credited into the account of the central bank – State Bank of Pakistan.

Finance Minister Miftah Ismail took to Twitter to make the announcement. He wrote: “Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today, increasing our foreign exchange reserves.”

Pakistan’s depleting foreign reserves will get a much-needed relief as they have increased to $14.21b from $8.99b two weeks ago. Meanwhile, Pakistan is set to receive another $1b tranche by the International Monetary Fund which could ease the tough economic situation in the country.

Humayoun Khan

Humayoun Khan

Humayoun Ahmed Khan is a journalist. His work has previously appeared in Dawn, The News, The Nation, and The Quint - India. Follow him on Twitter: @HumayounAK

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