China rolls over $2bn loan to Pakistan: Foreign Minister Ishaq Dar

[LRE-Azan]

China rolls over $2bn loan to Pakistan: Foreign Minister Ishaq Dar

On Friday, finance minister Ishaq Dar said that China had rolled over a $2 billion loan that matured last week, providing relief during the nation’s 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 IMF 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 the Senate, referring to the maturity date. He said all concerned documentation had been completed.

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