China banks to refinance Pakistan with $2.3 billion
Chinese banks have agreed to refinance Pakistan with $2.3 billion worth of funds in a massive relief for the cash-starved country to help it bolster its depleting foreign exchange reserves, the finance minister has said.
Miftah Ismail said on Thursday that the terms and conditions for refinancing have been agreed and the inflow is expected "shortly" after some routine approvals from both sides.
“Good News: The terms and conditions for refinancing of RMB 15 billion deposit by Chinese banks have been agreed. Inflow is expected shortly after some routine approvals from both sides. This will help shore up our foreign exchange reserves,” he said in a tweet (PTI).
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