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.