ISLAMABAD – Pakistan has asked China to rollover a $2 billion loan for another year after it sought same concession from the United Arab Emirates (UAE).
Reports said caretaker Prime Minister Anwaarul Haq Kakar has sent a letter to China’s Premier Li Keqiang in this regard.
The deposit time of $2 billion loan is set to complete on March 23, 2024 while the officials from Pakistan’s finance ministry are in contact with Chinese authorities about the matter.
PM Kakar, in his letter, thanked the Chinese government for extending financial support to Pakistan. He added that the all-weather friend provided loan to Pakistan in a difficult economic situation.
Earlier this month, the United Arab Emirates (UAE) rolled over its $2 billion deposits placed with State Bank of Pakistan (SBP) for another year, providing breather to the South Asian country amid economic crisis.
The development was confirmed by the central bank in a post shared on social media platform X, formerly Twitter.
“UAE has confirmed rollover of its two deposits of US$1.0 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024,” read the official statement.
In January 2023, the UAE had also agreed to rollover the existing debt of $2 billion of Pakistan and provided additional $1 billion loan to help the country strengthen its forex reserves.
