F.P. Report
ISLAMABAD: There is a good news for the struggling Pakistan economy as 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.
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.
“We thank the Chinese government for facilitating this transaction,” wrote the finance minister on his Twitter account.
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.
F.P. Report RAWALPINDI: General Angus J. Campbell, Chief of Defence Forces Australia, paid a visit…
(Reuters): Following are reactions from foreign governments and officials to the news that a helicopter…
ATLANTA (Reuters): U.S. President Joe Biden delivered the commencement address at Morehouse College on Sunday,…
Yossi Mekelberg Israeli Prime Minister Benjamin Netanyahu avoids giving interviews to domestic media outlets, as…
Sir Alan Duncan More than 13 years since the onset of civil war, the suffering…
Hafed Al-Ghwell Once hailed as the Arab Spring’s lone democratic success story, Tunisia is now…
This website uses cookies.