ISLAMABAD: Finance Minister Miftah Ismail Friday announced that a Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into the State Bank of Pakistan’s (SBP) account, increasing Pakistan’s foreign exchange reserves.

In a Twitter message, Miftah said: “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.”

The agreement with Chinese banks is expected to bolster the country’s reserves and enable it to make import payments while lending some support to the rupee as well which has lost over 34% since the start of the outgoing fiscal year 2021-22.

Pakistan had signed a loan facility agreement with a Chinese consortium of banks to aid the depleting foreign exchange reserves and depreciation of the local currency.