China Rolls Over $2.4 Billion Loan to Pakistan: Ishaq Dar
Minister of Finance Ishaq Dar tweeted that $2.4 billion in loans from the Export-Import (Exim) Bank of China would be extended for an additional two years.
The principal amounts of the following loans, totaling US$ 2.4 billion, were rolled over by the Chinese EXIM Bank for two years. They were due in the next two fiscal years.
To that end, “Pakistan will make interest payments only in both years,” he clarified.
Read More: China’s Economy Slow Down Due to Real Estate & Job Worry
This comes after the Federal cabinet’s Economic Coordination Committee (ECC) accepted the updated terms of the arrangement negotiated between Pakistan and China to extend the repayment of debt of over $2 billion by two more years at its meeting last Thursday.
At $23.87 billion in bilateral aid and $5.71 billion in commercial aid, China is Pakistan’s largest savior.
According to the most up-to-date figures from the International Monetary Fund, Pakistan’s total external debt stock was recorded at $100.52 billion as of the end of December 2022, of which $29.59 billion has been financed by China.
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