ISLAMABAD – China has rolled over a $2-billion loan to Pakistan, the ministry of Finance has confirmed it on Saturday.
The $2-billion loan was due on March 24 and has been extended for one year, the ministry said, adding that Beijing had communicated the decision to Islamabad, it added.
The ministry, in a statement, said Pakistan’s longstanding friend China continues to provide economic support for the country’s economic stability and recovery.
It would help bolsters the forex reserves of Pakistan as a mission of the International Monetary Fund (IMF) is in Pakistan for an economic review under the $7 loan programme.
Earlier this year, the United Arab Emirates (UAE) rolled over its $2 billion deposits placed with State Bank of Pakistan (SBP) for another term.
Prime Minister Shehbaz Sharif had made the announcement after he held a one-on-one meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Rahim Yar Khan. He said both countries enjoy brotherly relations.
He said stability is returning to the economy due to efforts of every member of the government, adding: “The day is not far when we will become a prosperous nation and achieve our rightful place.”
He appreciated growth in textile-led exports, saying this sector can play a key role in development of the country.
