ISLAMABAD – China has agreed to roll over $2 billion loan to Pakistan.
Duration of loan maturing in March 2024 has been extended for one year under already agreed terms and conditions. As per the media reports, Beijing has conveyed its decision to Islamabad.
Last month, the United Arab Emirates had rolled over two deposits of $1 billion each for one more year.
The rollover will support the State Bank of Pakistan (SBP) depleting foreign reserves which stand at around $8 billion.
Caretaker Prime Minister Anwaar-ul-Haq Kakar wrote a letter to his Chinese counterpart last year, requesting the rollover of the said loan for one year.
Last year, China helped Pakistan to secure the International Monetary Fund (IMF) funding by rolling over $2 billion loan.
