Finance Minister Ishaq Dar said on Friday China had rolled over a $2 billion loan that matured last week, providing relief during an 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 International Monetary Fund 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.
Dar’s comments were the first official announcement of the rollover after the loan matured. Dar did not give the new maturity date or other terms of the arrangement.