Chinese consortium loan of RMB 15 billion credited into SBP account: Miftah Ismail

ISLAMABAD, June 24 (SABAH): Federal Minister for Finance and Revenue Dr. Miftah Ismail Ahmed has announced that the Chinese consortium loan of RMB 15 billion (roughly $2.3 billion) has been credited into State Bank of Pakistan (SBP) account on Friday, increasing our foreign exchange reserves.

This was stated by Miftah Ismail in a statement issued on twitter. Meanwhile in a separate tweet Miftah Ismail said that just to clarify: the super tax of 4% will be applicable to all sectors. But for the specified 13 sectors, another 6% will be added for a total of 10%. So their tax rates will go from 29% to 39%. This is a one-time tax needed to curtail the previous four record budget deficits.