$2.3bn loan agreement signed with Chinese consortium: Miftah says inflows expected ‘within days’

ISLAMABAD: Minister for Finance and Revenue Miftah Ismail Wednesday said the Chinese consortium of banks on Tuesday signed an RMB 15 billion ($2.3 billion) loan facility agreement.

The minister, in a tweet, said the inflow was expected within a couple of days. “We thank the Chinese government for facilitating this transaction,” he added.

Meanwhile, talking to journalists, Miftah Ismail said good news from the International Monetary Fund (IMF) was also expected by the end of current week as Pakistan government was close to an agreement with the Fund.

All budget related issues had been settled with the IMF, he added.

According to sources, Pakistan and the IMF reached an understanding on last night on the federal budget 2022-23 paving a way for the revival of extended fund facility.

The Pakistani economic team led by Finance Minister Miftah Ismail, in a meeting held via video link with IMF staff mission, committed to generate additional taxes in the upcoming fiscal year, the sources said.-APP

Our reporter Ali Hussain adds: Foreign Minister Bilawal Bhutto-Zardari on Wednesday thanked the Chinese leadership after a Chinese consortium of banks signed the RMB 15 billion loan facility agreement.

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In a tweet, the foreign minister extended gratitude to President Xi Jinping, Foreign Minister Wang Yi, and the people of China for the support.

“Grateful to President Xi Jinping, Foreign Minister Wang Yi and the people of China. Chinese consortium of banks has today (Wednesday) signed the RMB 15 billion loan facility agreement, the people of Pakistan are grateful for the continued support of our all-weather friends,” the foreign minister tweeted.

Copyright Business Recorder, 2022