China Agrees To Provide Loan Of $2.3 Billion; Miftah Ismail

finance minister

ISLAMABAD: Minister for Finance and Revenue Miftah Ismail Wednesday said that the Chinese consortium of banks has signed thRMB 15 billion (~$2.3 billion) loan facility agreement after it was signed by the Pakistani side on Tuesday.

In his tweet, the finance minister said the inflow was expected within a couple of days.

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

In the meantime, good news from the International Monetary Fund (IMF) are also expected by end of current week as the Pakistan government is close to an agreement with the Fund.

Talking to journalists on Tuesday, the Finance Minister had said that all budget related issues had been settled with the IMF.

The sources said that Pakistan and the IMF had reached an understanding on Tuesday night on the federal budget 2022-23 paving way for revival of the extended fund facility after the authorities committed to generate additional taxes in the upcoming fiscal year.

According to the sources, the understanding was reached during a meeting, held via video link, between the Pakistani economic team and the IMF staff mission, led by Finance Minister Miftah Ismail.