“Pakistan will make interest payments only in both years,” he tweeted.

The loans, which China rolled over, amount to $2.4 billion. They were due in the next two fiscal years.

The South Asian country’s economy, according to many, averted the risk of default after signing a last-minute deal with the International Monetary Fund. The lender approved a standby agreement worth $3 billion for nine months.

Last week, China agreed to reschedule over $2 billion publicly guaranteed debt of Pakistan for a period of two years. The inflow resulted in increase in the foreign exchange reserves.

Long-term political allies Saudi Arabia and the United Arab Emirates (UAE) have already announced $3 billion in support to boost Pakistan’s dwindling reserves.