Pakistan will receive a $2.5 billion loan from China in June, according to a finance ministry official. Negotiations on a commercial loan have come to a close between the two countries, and a formal agreement is likely in June.
Finance Minister Miftah Ismail acknowledged the development at a press conference on Saturday, adding that the country would soon hear positive news from China.
According to authorities from Pakistan’s finance ministry, the loan will improve the country’s foreign exchange reserves.
According to figures released by the State Bank of Pakistan, Pakistan’s total foreign exchange reserves dipped to $16.14 in the week ending May 20.