ISLAMABAD – Finance Minister Ishaq Dar on Thursday confirmed that a $2.4 billion loan has been rolled over for the next two years.
In a tweet, the country’s finance czar confirmed that EXIM Bank has rolled over principal payments of loans worth $2.4 billion that will be due in the coming two fiscal years, and mentioned that Islamabad will make interest payments only in both years.
Earlier this week, China Exim Bank wrote to the cash-strapped country about the delay in the recovery of debt.
Beijing is the leading rescuer of iron brother with $23.87 billion in bilateral and $5.71 billion in commercial contributions. The country’s total external debt stock stands at $100.52 billion at end-December 2022, of which $29.59 billion has been financed by China.
The country’s forex reserves also moved up after International Monetary Fund (IMF) approved the $3-billion SBA, which allowed the disbursement of about $1.2 billion.
The crisis hit country also received inflows of $3 billion from friendly nations, including Saudi Arabia, and UAE.
