China Rolls Over $2 Billion Loan To Cash-Strapped Pakistan
NDTV
Islamabad has been negotiating with the IMF since early February for the release of $1.1 billion from a $6.5 billion bailout package agreed in 2019.
Pakistan's finance minister, Ishaq Dar, said on Friday that China had rolled over a $2 billion loan that matured last week, providing relief during the South Asian nation's acute balance of payment crisis.
Locking in a rollover had been critical for Pakistan, where reserves have dipped to just four weeks' worth of imports and talks over an IMF bailout tranche of $1.1 billion have hit a stalemate.
"I am happy to confirm that this had been rolled over on March 23," Dar told parliament, referring to the maturity date. He said all concerned documentation had been completed.
Neither the government in Beijing nor the Chinese central bank responded to requests for comment on the rollover.
