China comes forward to rescue crumbling economy of Pakistan
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Finance Minister Miftah Ismail on Thursday said that that the government has reached a refinancing agreement worth $2.3 billion with Chinese banks.
In a tweet, he said that “the terms and conditions for refinancing of RMB 15 billion deposit by Chinese banks (about US$ 2.3 billion) have been agreed”.
“Inflow is expected shortly after some routine approvals from both sides. This will help shore up our foreign exchange reserves,” the finance minister wrote.
