https://www.ft.com/content/6250c214-cfdc-4b4f-85b3-876666d01ff4
Chinese banks lend Pakistan $2.3bn to avert foreign exchange crisis Support from ally seen as step toward resuming IMF package as Islamabad imposes fresh corporate tax
Farhan Bokhari in Islamabad JUNE 25 2022
A consortium of Chinese state banks has lent $2.3bn to Pakistan to help the country stave off a foreign payments crisis, finance minister Miftah Ismail said on Friday.
Confirmation of the support from China, a close economic and military ally of Pakistan, came on the same day Islamabad announced a one-off 10 per cent ‘super tax’ on important industries that is intended to lead to a stalled $6bn IMF loan package being resumed.
“I am pleased to announce that Chinese consortium loan of Rmb15bn ($2.3bn) has been credited in to SBP [State Bank of Pakistan, Pakistan’s central bank] account today, increasing our foreign exchange reserves,” Ismail said in a tweet on Friday evening.
Chinese banks lend Pakistan $2.3bn to avert foreign exchange crisis Support from ally seen as step toward resuming IMF package as Islamabad imposes fresh corporate tax
Farhan Bokhari in Islamabad JUNE 25 2022
A consortium of Chinese state banks has lent $2.3bn to Pakistan to help the country stave off a foreign payments crisis, finance minister Miftah Ismail said on Friday.
Confirmation of the support from China, a close economic and military ally of Pakistan, came on the same day Islamabad announced a one-off 10 per cent ‘super tax’ on important industries that is intended to lead to a stalled $6bn IMF loan package being resumed.
“I am pleased to announce that Chinese consortium loan of Rmb15bn ($2.3bn) has been credited in to SBP [State Bank of Pakistan, Pakistan’s central bank] account today, increasing our foreign exchange reserves,” Ismail said in a tweet on Friday evening.
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