Pakistan receives $2.3 billion from China to boost SBP reserves

Pakistan receives $2.3 billion from China to boost SBP reserves

Karachi (Web Desk): Finance Minister Miftah Ismail says that China has deposited $2.3 billion in the State Bank of Pakistan to boost its foreign exchange reserve.

“I am pleased to announce that Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into SBP account today, increasing our foreign exchange reserves,” Miftah said in a tweet.

The development came two days after China signed a $2.3 billion commercial loan deal with Pakistan.

Earlier, the finance minister said the coalition government has saved Pakistan by taking ‘tough decisions’ from default.

Addressing a press conference in the federal capital along with Federal Minister for Information and Broadcasting Marriyum, the finance minister said that the previous regime led by Pakistan Tehreek-e-Insaf (PTI) had pushed the country to the verge of bankruptcy.

“It is our responsibility to save Pakistan from default. And with the grace of Allah, we did it and can say now that Pakistan was saved from default,” the minister said.

He said that the government saved the country from bankruptcy by increasing diesel and petrol prices and by remaining continuously engaged with International Monetary Fund (IMF).