ISLAMABAD – China has rolled over a $2 billion loan that was set to mature on March 23, providing relief to Pakistan facing balance of payment crisis.
Last week, Pakistan had requested China to rollover a $2 billion loan for one year. Caretaker Prime Minister Anwaarul Haq Kakar had written a letter to China’s Premier Li Keqiang requesting to rollover a $2 billion loan.
In the letter, Pakistan had requested the neighbouring country to defer the repayment of a loan from China for one year.
The tenure for $2 billion deposits is set to mature on March 23, 2024. As the deadlines approaches closer, Pakistani authorities had also held talks with Chinese counterparts.
Reports said the prime minister in the letter thanked China for the financial cooperation and supporting Pakistan in alleviating the burden of external payments on the government of Pakistan.
Earlier this year, the United Arab Emirates (UAE) rolled over $2 billion loan to Pakistan.
