Islamabad June 2 2022: China would issue a new loan, but at reduced interest rates says Pakistan Finance Minister Miftah Ismail while speaking at the press conference in capital city.
On March 25, Pakistan had had repaid Chinese loan of $2.3 billion. China had imposed many conditions and had raised interest rates.
He said, “Matters were settled on Bilawal Bhutto's visit to China and finalized on the occasion of Prime Minister Shahbaz Sharif's visit to China. This loan will be obtained at an interest rate of 1.5%.”
“Inflow is expected shortly after some routine approvals from both sides. This will help shore up our foreign exchange reserves.” Says Miftah Ismail.