Finance Minister Miftah Ismail on Thursday said that that the governmenthas reached a refinancing agreement worth $2.3 billion with Chinese banks.

In a tweet, he said that “the terms and conditions for refinancing of RMB15 billion deposit by Chinese banks (about US$ 2.3 billion) have beenagreed”.

“Inflow is expected shortly after some routine approvals from both sides.This will help shore up our foreign exchange reserves,” the financeminister wrote.