PAKISTAN, CHINESE CONSORTIUM OF BANKS SIGN $2.3B LOAN AGREEMENT

ISLAMABAD: Pakistan has signed $2.3 billion loan facility agreement with a Chinese consortium of banks.

The development was confirmed by Finance Minister Miftah Ismail on his official Twitter handle. He said the agreement was signed on Tuesday between Pakistan and the Consortium of Banks, revealing that the inflows are expected within a couple of days.

“We thank the Chinese government for facilitating this transaction,” he said.

Earlier, Pakistan and International Monetary Fund (IMF) reached a deal for the release of a US$1 billion tranche after the latter gave its nod to the budgetary adjustments for fiscal year 2022-23.

According to officials of the finance ministry, the Fund has agreed to the budgetary estimates set for the next fiscal year and the economic policies of the country.

“The IMF will soon release a handout confirming the staff level agreement between the two sides,” they said.