Back to news
China rolls over $3.4 billion loans to Pakistan, say sources - TradingView
@Source: tradingview.com
China has rolled over $3.4 billion in loans to Pakistan, two senior Pakistani government officials told Reuters on Sunday, in a move that will help boost Islamabad's foreign exchange reserves, a requirement of the International Monetary Fund.
Beijing rolled over $2.1 billion, which has been in Pakistan's central bank's reserves for the last three years, and refinanced another $1.3 billion commercial loan, which Islamabad had paid back two months ago, the sources said.
The officials asked not to be named as they were not authorised to discuss the matter publicly ahead of an official announcement.
Another $1 billion from Middle Eastern commercial banks and $500 million from multilateral financing have also been received, one of the officials said.
"This brings our reserves in line with the IMF target," he said.
The loans, especially those from China, are critical to shoring up Pakistan's low foreign reserves, which the IMF required to be over $14 billion at the end of the current fiscal year on June 30.
Pakistani authorities say that the country's economy has stabilised through ongoing reforms under a $7 billion IMF bailout.
Related News
23 Feb, 2025
Six Nations: England find a way as Calcu . . .
17 Jul, 2025
Mahedi Hasan surpasses 50 T20I wickets w . . .
21 Jul, 2025
He Might Be the Most Dominant Athlete in . . .
23 Mar, 2025
WATCH: Fan runs onto the field and falls . . .
31 Mar, 2025
Inside Rory McIlroy’s Masters career as . . .
10 Apr, 2025
Inter Miami vs. Los Angeles FC FREE LIVE . . .
17 May, 2025
Mason Greenwood clears up Marseille futu . . .
21 Apr, 2025
Small investors are singing the blues