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The central bank's account has been credited with a USD 2.3 billion loan from a Chinese consortium of banks, according to Miftah Ismail, the finance minister of Pakistan.

Ismail said on Twitter that "a Chinese consortium loan of RMB 15 billion (approximately USD 2.3 billion) has been credited into State Bank of Pakistan (SBP) account today, enhancing our foreign exchange reserves."

Ismail had stated that a loan of USD 2.3 billion from a Chinese consortium of banks to Pakistan was expected within a "few of days" to help the government deal with its depleting cash reserves.

Notably, Pakistan and a group of Chinese banks had earlier agreed on a lending facility of USD 2.3 billion. In an update on the agreement, on Wednesday, Pakistan's finance minister Miftah Ismail said that cash inflow under the loan agreement is expected within days.

Ismail posted the following on Twitter: "After being signed by the Pakistani side yesterday, the Chinese consortium of banks signed the RMB 15 billion ($2.3 billion) loan facility deal today. Within a few days, inflow is anticipated. We are grateful to the Chinese government for making this transaction possible."

According to the media outlet, Pakistan is in a severe financial crisis as a result of claims that Pakistan and the International Monetary Fund (IMF) had reached an agreement.

Ismail claimed that following talks between Prime Minister Shehbaz Sharif and Prime Minister Li Keqiang, as well as a visit by Foreign Minister Bilawal Bhutto-Zardari, the Chinese side had not only agreed to roll over the money but had also done so at a lower interest rate of 1.5pc plus Shanghai Interbank Offered Rate (Shibor) instead of earlier 2.5pc plus Shibor.

However, in Wednesday's announcement, Ismail did not elaborate further on the agreement with the consortium.