Ishaq Dar says China has rolled over $2.4bn loan for two

Ishaq Dar says China has rolled over $2.4bn loan for two

China has rolled over a . billion loan to Pakistan for a period of two years . Pakistan secured a lastgasp bn IMF bailout on June which later disbursed an initial instalment of about .bn . The next two reviews of the IMF deal will pass through political uncertainty ahead of general elections due later this year that will be followed by a government transition .

Pakistan will make interest payments only over the next two years Dar said meaning the waiver is only for the principal loan amount . A source at Pakistans finance ministry told Reuters that over million of the loan was maturing this fiscal year and that Islamabad has already received a confirmation of the rollover .

Beijing has pledged over bn in building infrastructure in Pakistan as part of a Belt and Road Initiative BRI . The development comes a little over a week after Prime Minister Shehbaz Sharif announced that China had rolled over the million loan to the country .

This was in addition to over a million loans that had been rolled over for Pakistan in the last three months according to the premier . Pakistan’s finance ministry . Pakistan has already secured a . bn of financial support from Saudi Arabia and the UAE shoring up the central banks reserves which had dropped to a critical level of barely enough to pay for a month of controlled imports.

The central bank said last week that foreign exchange reserves almost doubled rising to .bn during the week ending July . The Central Bank said last month that foreign currency reserves nearly doubled in the week end of July . Pakistan’s foreign exchange balances almost doubled by the central bank’.

The IMF’S foreign exchange reserve. The Central bank said in the month of the month.


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