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Friday, April 19, 2024  
09 Shawwal 1445  

China rolls over $2b loan to Pakistan, says finance minister

$2 billion loan was due in March and has been extended for one year
Flags of Pakistan and China are seen at the entrance of the China Pavilion, during the International Defence Exhibition and Seminar “IDEAS 2022” in Karachi, Pakistan November 16, 2022. Reuters
Flags of Pakistan and China are seen at the entrance of the China Pavilion, during the International Defence Exhibition and Seminar “IDEAS 2022” in Karachi, Pakistan November 16, 2022. Reuters

China has rolled over a $2 billion loan to Pakistan, caretaker finance minister Shamshad Akhtar confirmed in a response to Reuters on Thursday.

The $2 billion loan was due in March and has been extended for one year, Geo News which first reported the news said, citing sources in the Pakistan finance ministry. Beijing had communicated the decision to Islamabad, it added.

Pakistan’s cash-strapped economy is struggling to stabilise from a financial crisis and secured a $3 billion standby arrangement from the International Monetary Fund last summer.

Pakistan’s vulnerable external position means that securing financing from multilateral and bilateral partners will be one of the most urgent issues facing the next government, ratings agency Fitch said last week.

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