On Friday, the Finance Minister, Miftah Ismail, stated that the State Bank of Pakistan (SBP) has obtained a loan from a Chinese consortium of RMB 15 billion ($2.3 billion) to support the declining foreign exchange reserves of the country.
It was stated by the finance minister on Twitter that a debt payment taken from a Chinese consortium for RMB 15 billion (or around $2.3 billion) had been transmitted to the SBP account on this day.
Miftah Ismail reminded us that the foreign exchange reserves of the country had increased as an outcome of the debt received from China.
It is very significant to note that Pakistan received an agreement of debt with a team of Chinese banks to support all the dropping foreign exchange reserves of the country and the fluctuations of the local currency.
The finance minister posted in his Tweet that, “We appreciate the Chinese government for supporting this transaction.”