$2.3bn loan agreement signed with Chinese consortium
ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail stated on Wednesday that the Pakistani government signed a loan agreement of RMB 15 billion ($2.3 billion) with the Chinese consortium of banks the previous day.
According to the minister, the inflow is expected within the next few days. “We thank the Chinese government for facilitating this transaction,” he added in a tweet, while expressing gratitude to President Xi Jinping and Foreign Minister Wang Yi.
Miftah Ismail also announced the Pakistani government might also close an agreement with the International Monetary Fund (IMF) by the end of this week. All budget-related issues with the IMF have been settled as well.
Sources report that the government came to terms with the IMF in regards to the federal budget (2022-23), opening up opportunities for the revival of increased fund facilities. The minister agreed to generate additional taxes in the upcoming fiscal year.
Foreign Minister Bilawal Bhutto-Zardari also thanked the Chinese leadership for the loan facility agreement on Wednesday.